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Sadbhav Infrastructure Project gets final nod for transfer of stakes in eight SPVs

Wednesday, 15 Jan 2020

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Sadbhav Infrastructure Project has got final nod from various authorities, including the National Highways Authority of India (NHAI), for transfer of its 100 percent stake in eight special purpose vehicles to IndInfravit Trust.

The company has received NHAI approval with regard to Bhilwara-Rajsamanad Tollway, Bijapur-Hungund Tollway, Dhule Palesner Tollway, Hyderabad-Yadgiri Tollway, Nagpur-Seoni Expressway and Shreenathji-Udaipur Tollway.

With regard to Aurangabad-Jalna Tollway, it has got approval from the Maharashtra government while in the case of Mysore-Bellary Highway it has got nod from Karnataka State Highway Improvement Project.

The company currently expects to receive the stake sale proceeds in respect of the above eight SPVs soon after declaration of results of unitholders' meeting on 31 January 2020, subject to approval of unitholders of the IndInfravit Trust, satisfaction of applicable terms and conditions of the relevant definitive agreements and compliance with applicable law.