Madhucon seals stake sale in Agra-Jaipur expressway project

The company signed a Rs 248-cr share purchase agreement with Cube Highways on October 21, 2015

Hyderabad-based Madhucon Group announced it has completed strategic sale of its 74% stake in Madhucon Agra-Jaipur Expressway Limited (MAJEL) to Cube Highways and Infrastructure Pte Limited.

The company had signed a share purchase agreement with Cube Highways on October 21, 2015 for Rs 248 crore.

"Upon receiving all necessary approvals the transaction was concluded on March 30, 2016 with a stake transfer of 74%. The divestment of stake has assisted Madhucon Group to pare down its debt by Rs 212 crore. This is the major strategic sale in Madhucon's highway portfolio," the company said in a statement.

MAJEL is an operational BOT project of National Highway Authority of India Limited (NHAI) between Bhartpur and Mahua in the state of Rajasthan connecting the tourist cities of Agra and Jaipur. The project commenced toll collections from May, 2009. Madhucon group reported a total income of Rs 1,164 crore for the financial year 2014-15.