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SEW Infrastructure Ltd and Navayuga Engineering Company Ltd today announced the signing of an agreement with Uniquest Infra Ventures Private Ltd (Uniquest) to divest majority stake in Barwani Tollways Private Ltd to the latter, subject to customary closing conditions.
SEW and Navayuga are operating the Khalghat road project in Madhya Pradesh and Maharashtra border on section of NH-3 from Km 84.70 to Km 167.50 in Madhya Pradesh. This is under a concession agreement signed with the National Highways Authority of India. The project commenced commercial operations in April 2011.
S. Anil Kumar, Director, SEW Infrastructure Ltd, in a statement said, “The proceeds of the divestment would assist in improving the liquidity and strengthen the overall financial position of the company.”
Uniquest Infra Ventures Private Ltd (Uniquest) is a joint venture of UEM Group Berhad, through its subsidiary Plus Expressways International Berhad and IDFC Ltd.
Uniquest invests long-term capital in viable infrastructure projects that offer stable cash flows. Uniquest is currently focusing on investments in Roads and Highways Sector. Earlier Uniquest acquired equity stake in Jetpur Somnath Tollways Private Limited (JSTPL), which is implementing a 124 Km BOT project on NH-8D connecting Jetpur and Somnath in Gujarat. Uniquest is the single largest shareholder of JSTPL.
rishikumar.vundi@thehindu.co.in
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