The Shapoorji Pallonji Group on Tuesday announced the divestment of its entire shareholding in SP Jammu Udhampur Highway Ltd to the National Investment and Infrastructure Fund (NIIF) for USD 290 million (about Rs 2,200 crore).
The group in a statement said SP Jammu Udhampur is the developer for the Jammu-Udhampur highway project under a concession from the National Highways Authority of India on a build-operate-transfer (annuity) basis.
According to the statement, the 64.5-km long 4-lane Jammu Udhampur Highway is of strategic national interest in India and enhances connectivity to Shri Mata Vaishno Devi Shrine.
