Sadbhav Infrastructure Project, a wholly owned subsidiary of Sadbhav Engineering, today announced that it has receive Rs 400 crore from Norwest Venture Partners (NVP) and the Xander group.
The new capital will be used to continue to fund its existing road development projects in India and bid for new road development projects under various national and state highway development programmes.
The parent company is engaged in engineering, construction and development of infrastructure projects. Sadbhav Infrastructure Project (SIPL) is the holding company for all of the parent company's infrastructure development projects. SIPL has nine projects with a total project cost of more than Rs 7,800 crore.
"The opportunity in the roads sector is immense and we believe that the progressive road development policies of the government will create strong growth in this sector.
SIPL is well positioned to tap this opportunity because of Sadbhav's heritage as a road contractor," said Sohil Chand, Managing Director at NVP India.
YES Bank acted as the sole strategic and financial advisor to SIPL and Sadbhav for this transaction, while Wadia Ghandy acted as the legal advisor. Shearman & Sterling and J Sagar Associates were the joint legal
advisors for NVP and Xander.
