BRNL consolidates stake in Kerala road SPV at Rs 97 cr

Road infrastructure company Bharat Road Network Limited (BRNL) today said it has consolidated 100 per cent stake in Guruvayoor Infrastructure by acquiring the remaining 51 per cent shares in the project at a consideration of Rs 97 crore.
Guruvayoor Infrastructure is the concession company engaged in design, construction, finance, operations and maintenance of 259.76 lane kilometres of Thrissur-Angamali section of NH47 in Kerala.
"This will give the company access to Rs 100 crore of free cash flow in the project. The transaction is subject to necessary regulatory approvals," a company statement said.
BRNL reported a profit after tax of Rs 7.87 crore during the quarter ended September 30 as compared to Rs 0.76 crore in the corresponding quarter of FY17.

The company's standalone revenue was at Rs 14.61 crore compared to Rs 3.87 crore during the corresponding period of last year.
The company, which got listed recently, announced a 5 per cent interim dividend.