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Madhucon Infra Limited has sold its Madhucon Agra-Jaipur Expressways Limited (MAJEL) to Cube Highways & Infrastructure for a consideration of Rs 248 crore.
While Cube Highways will acquire 74 per cent equity stake upfront, the balance 26 per cent equity stake will be acquired after getting a nod from the National Highway Authority of India (NHAI).
MAJEL is an operational BOT toll project between Bharatpur and Mahwa in the state of Rajasthan, connecting the two key tourist destinations of Agra in Uttar Pradesh and Jaipur in Rajasthan.
Madhucon Infra is the Infrastructure development arm of Madhucon Group. Equirus Capital acted as exclusive advisors to Madhucon Group for the transaction whereas Nishith Desai Associates acted as their legal counsel.
“Subject to closing adjustments, the group will receive Rs 248 crores for the 100 per cent stake sale. The sale includes operational grants and funding for the entire Major Maintenance,” the company said in a press release on Saturday.
The MAJEL project started its commercial operations in May, 2009.
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