NIIF to acquire Ashoka Buildcon toll road company
07 Jun 2022
2 Min Read
CW Team
National Investment and Infrastructure Fund (NIIF), India鈥檚 first infra-focused corpus, is in talks for the acquisition of a road project owned by Ashoka Buildcon and Macquarie India. The Madhya Pradesh property in the surrounding areas is valued at Rs 1,000 crore.
It is said that the talks are reaching the final stage on the transfer of ownership of the Jaora-Nayagaon Toll Road Company operating the 120 km Jaora-Nayagaon section, SH-31 (erstwhile NH-79). Ashoka subsidiary has a 74% share of the Jaora-Nayagaon Toll Road Company, and the remaining 26% is owned by Macquarie India.
As the talks are in a concluding stage the deal is expected to be signed in a month. The asset will be bought via Athaang Infrastructure. It is a road platform created by NIIF Master Fund.
Jaora-Nayagaon Toll Road was owned by a group of four developers - IFCI, SREI Group, PNC Infratech, and SPML Infra, in the form of a special purpose vehicle (SPV) for the development of the Jaora-Nayagaon section, on the basis of build, operate and transfer (BOT), toll basis.
Ashoka Concessions later bought a controlling stake and the management control of this project in 2015. However, IFCI sold a 26% stake to SBI Macquarie Infra.
Athaang has ownership of three strategic road assets, which include the Dichpally Tollway and Devanahalli Tollway.
In April, NIIF also took hold of the GVR Ashoka Chennai Outer Ring Road in Tamil Nadu from Ashoka Concessions for Rs 686 crore.
National Investment and Infrastructure Fund (NIIF), India鈥檚 first infra-focused corpus, is in talks for the acquisition of a road project owned by Ashoka Buildcon and Macquarie India. The Madhya Pradesh property in the surrounding areas is valued at Rs 1,000 crore.
It is said that the talks are reaching the final stage on the transfer of ownership of the Jaora-Nayagaon Toll Road Company operating the 120 km Jaora-Nayagaon section, SH-31 (erstwhile NH-79). Ashoka subsidiary has a 74% share of the Jaora-Nayagaon Toll Road Company, and the remaining 26% is owned by Macquarie India.
As the talks are in a concluding stage the deal is expected to be signed in a month. The asset will be bought via Athaang Infrastructure. It is a road platform created by NIIF Master Fund.
Jaora-Nayagaon Toll Road was owned by a group of four developers - IFCI, SREI Group, PNC Infratech, and SPML Infra, in the form of a special purpose vehicle (SPV) for the development of the Jaora-Nayagaon section, on the basis of build, operate and transfer (BOT), toll basis.
Ashoka Concessions later bought a controlling stake and the management control of this project in 2015. However, IFCI sold a 26% stake to SBI Macquarie Infra.
Athaang has ownership of three strategic road assets, which include the Dichpally Tollway and Devanahalli Tollway.
In April, NIIF also took hold of the GVR Ashoka Chennai Outer Ring Road in Tamil Nadu from Ashoka Concessions for Rs 686 crore.
Image Source
Next Story
Dassault To Build Falcon Jets In India With Reliance
Reliance Infrastructure Ltd鈥檚 subsidiary, Reliance Aerostructure, has signed an agreement with France鈥檚 Dassault Aviation to manufacture Falcon 2000 business jets in India, with the first batch expected to roll out from its Nagpur facility by 2028. This marks the first time a Falcon aircraft will be entirely built outside France.The announcement sent Reliance Infrastructure shares surging, hitting the 5 per cent upper circuit on the BSE. Anil Ambani, Chairman of Reliance Group, hailed the agreement as a 鈥渟ymbol of India鈥檚 technological and manufacturing strength鈥�, adding that it aims..
Next Story
INDEA Lays Foundation for India鈥檚 First Auto Design School
The Indian School for Design of Automobiles (INDEA), the country鈥檚 first institute focused solely on automobile design and management, held its foundation stone ceremony at XLRI Delhi-NCR. The event was graced by Union Minister for Road Transport and Highways, Nitin Gadkari, who virtually unveiled the stone as Chief Guest.INDEA aims to become a premier talent hub, driving innovation in the Indian automotive sector. The school will focus on advanced design, mobility solutions, and sustainable practices, playing a vital role in shaping India鈥檚 transition from a cost-driven to a quality-led a..
Next Story
Karnataka Launches Global Innovation Hub at Airport City
The Government of Karnataka, in collaboration with Bengaluru Airport City Limited (BACL) and ANSR, has launched a global innovation hub named District I at Bengaluru Airport City's business park. The initiative aims to elevate India鈥檚 innovation ecosystem to a global scale by fostering collaboration among startups, academia, enterprises, and government bodies.District I will serve as a platform for deep-tech entrepreneurship, enterprise innovation, and commercialisation of academic research. It brings together Global Capability Centres (GCCs), IT firms, corporate labs, startups, venture capi..
