Adani Road Transport Ltd (ARTL), a wholly owned subsidiary of Adani Enterprises Ltd (AEL), has entered into a definitive agreement to acquire Maharashtra Border Check Post Network Ltd (MBCPNL), a subsidiary of Sadbhav Infrastructure Project Limited (SIPL).
The acquisition is at an enterprise value of Rs 1,680 crore, and is subject to customary regulatory and lender’s approvals, the company said, adding the deal is expected to close in Q3 FY22.
Adani Road Transport, which develops, constructs, operates and manages roads and highway projects in India, will acquire a 49 per cent stake in Maharashtra Border Check Post Network at first, with an option to acquire additional stake subject to regulatory approval, a stock exchange statement by Adani Enterprises said today.
"India has made tremendous progress in building its road network and interlinking the nation, an essential contributing factor in economic development,” said Krishna Prakash Maheshwari, CEO of ARTL.
He said as the nation’s largest infrastructure player, the Adani Group’s drive to create a world-class portfolio of road networks is aligned with the company's mission to become India’s largest road infrastructure owner and operator. "This acquisition also strategically dovetails with the Adani Group’s formidable strength in logistics, a force-multiplying business adjacency for ARTL," he added.
MBCPNL is an integrated portfolio of 24 border check posts, with exclusive service fee collection rights from commercial vehicles for all traffic routes in and out of Maharashtra until at least 2033. Out of these, MBCPNL has 18 operational, 4 near-operational, one near completion and one under-construction. ARTL is a transport infrastructure developer involved in the construction, operation and maintenance of roads, highways and expressways.
Meanwhile, Adani Enterprises stock plunged to Rs 1,430.50, down Rs 6.50 or 0.45 per cent, from the previous session close of Rs 1,437 on the NSE.
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