Sadbhav Engineering on Wednesday said its subsidiary has received approvals for transfer of stake in seven road projects to lndinfravit.
Approvals have given by the National Highways Authority of India (NHAI) for six projects, while the Maharashtra government has given its nod for transfer of another project.
Sadbhav Infrastructure Project Limited (SIPL), a subsidiary of Sadbhav Engineering, in July 2019 had inked a definitive pact with lndinfravit to sell 100 per cent stake in nine operational projects for an enterprise value of Rs 660 crore.
"Our Subsidiary Company i.e. Sadbhav Infrastructure Project Ltd. have received approval from various Authorities for transfer of 100 per cent stake from SIPL to lndinfravit Trust (Indinfravit)," the company said in a regulatory filing to the BSE.
It said NHAI has given approval for stake sale in six special purpose vehicles (SPVs) -- Nagpur Seoni Expressway Limited, Hyderabad Yadgiri Tollway Pvt Ltd, Dhule Palesner Tollway Limited, Shreenathji-Udaipur Tollway, Bhilwara Rajsamanad Tollway and Bijapur-Hungund Tollway.
It added that the Government of Maharashtra's approval has been received for stake sale in Aurangabad Jalna Tollway.
"Authority approval for balance 2 projects is under process and at an advanced stage," the filing added.