At meeting held on 27 September 2014
Valecha Engineering announced that the Board of Directors of the Company on 27 September 2014 approved the sale of three Build, Operate and Transfer basis road assets located in Madhya Pradesh and Gujarat to New Generation Infrastructure, Inc., a subsidiary of New Generation Holdings, Inc (Purchaser) for an aggregate consideration for approximately Rs. 309 crore. The Purchaser's group is a global diversified infrastructure and energy developer with a diversified resource type in solar, hydro, wind, and thermal.As a part of the proposed transaction, Valecha Infrastructure, a wholly owned subsidiary of the Company has signed agreements with the Purchaser and agreed to sell its shareholding in Valecha LM Toll Private and Valecha Badwani Sendhwa Tollways to the Purchaser subject to receipt of regulatory and other third party approvals and consents including satisfaction of certain condition precedents by the parties.
The Company has also entered into a separate agreement with the Purchaser and agreed to sell its shareholding in Valecha Infrastructure to the Purchaser upon completion of the above transaction and receipt of regulatory and third party consents and approvals including satisfaction of certain condition precedents by the parties.
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