Madhucon Projects plans to offload 74 per cent stake in Madhucon Agra-Jaipur Expressways, to IDFC Alternatives, a private equity (PE) arm of IDFC.
The project, built on BOT basis along National Highway (NH)-11, connects NH-8 with NH-2, which are part of the Golden Quadrilateral. The expressway connects Bharatpur with Mahua in Rajasthan. It was awarded by the National Highways Authority of India (NHAI) with a concession period of 25 years, starting 31 October 2005. Tolling on the expressway started in May 2009.
The valuation at which IDFC Alternatives will acquire stake in the project is not yet disclosed.
Apart from Madhucon, Srei Infrastructure Finance, a minority stake holder in the expressways project, is also likely to exit as part of the transaction.