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As a part of the strategic business plan to monetise its build,operate and transfer (BOT) assets, Hyderabad-based infrastructure company IVRCL Limited had signed 'definitive agreements' with TRIL Roads Private Limited, a Tata group company, to divest its stake in Salem Tollways Limited (STL), Kumarapalayam Tollways Limited (KTL) and IVRCL Chengapally Tollways Limited (ICTL).
The value of the deal has not been disclosed. “The total deal consideration shall be realised upon satisfaction of certain agreement related conditions and upon NHAI and lenders approvals,” the company stated in a release here on Monday.
In the light of this development, the company's scrip closed at Rs 21.75 on the BSE on Monday, up 13.28 per cent over the previous close of Rs 19.20.
STL is operating the 53-km of NH-47 from Salem to Kumarapalayam in Tamil Nadu under a concession agreement signed with the National Highways Authority of India (NHAI). The project commenced commercial operations in June 2010.
Similarly, KTL is operating the 47 km of NH-47 from Kumarapalayam to Chengapalli in Tamil Nadu, under a concession agreement signed with NHAI. The project commenced commercial operations in August 2009.
On the other hand, ICTL is developing the 54.83 km of NH-47 from Chengapalli-Coimbatore-Walayar highway in Tamil Nadu under a concession agreement signed with NHAI. The project is expected to commence commercial operations during the first half of the financial year 2014.
According to IVRCL, it has plans to divest in three more highway or water projects out of the total portfolio of nine BOT projects. It expects this to take place in the next six months.
IVRCL operates in the verticals of water and environment, transportation, buildings and industrial structures and power transmission.
