Monday, Oct 03, 2022

Adani Group To Acquire 100% Stake In STPL And GRICL From Macquarie Asia Infrastructure Fund

MAIF owns a 56.8 per cent stake in GRICL and 100 per cent stake in STPL

Adani Group.

Adani Road Transport Ltd (ARTL), a subsidiary owned by Adani Enterprises Ltd, will acquire the complete stake in Gujarat Road and Infrastructure Company Ltd (GRICL), and a 100 per cent Swarna Tollway Private Ltd (STPL) from Macquarie Asia Infrastructure Fund (MAIF) worth Rs 3,110 crore, the company notified in a regulatory filing. MAIF owns a 56.8 per cent stake in GRICL and 100 per cent stake in STPL. 

"Adani Road Transport Ltd (ARTL), a wholly-owned subsidiary of Adani Enterprises Ltd (AEL), engaged in the development, construction, operations, and management of roads and highway projects in India, has entered into a definitive agreement to acquire Gujarat Road and Infrastructure Company Ltd (GRICL) (owned 56.8 per cent by Macquarie Asia Infrastructure Fund) and Swarna Tollway Private Ltd (STPL) (owned 100 per cent by Macquarie Asia Infrastructure Fund),” the company said in a statement. 

The transaction is expected to close in September 2022. 

Apart from MAIF, IL&FS owns a 26.8 per cent stake, whereas the state government owns the remaining stake in GRICL. 

Notably, the first stretch of GRICL spans 51.6 km from Ahmedabad to Mehsana on SH-41, thus connecting important northern Gujarat corridors, whereas the second stretch of GRICL spreads across 31.7 km from Vadodara to Halol on SH-87 across the Delhi-Mumbai Industrial Corridor. 

The first stretch of STPL in Andhra Pradesh is from Tada to Nellore on NH-16 connecting important ports such as Chennai, and Krishnapatnam in Andhra Pradesh, spanning 110 km, whereas the second stretch is from Nandigama to Ibrahimpatnam to Vijayawada on NH-65 spanning 48 km, connecting key southern metro cities and provides feeder traffic to NH16.

“The acquisition of Macquarie Asia Infrastructure Fund’s toll road portfolio in AP and Gujarat will enhance the bouquet of ARTL’s business in highways which includes 8 Hybrid Annuity Mode (HAM) projects, 5 Build-Operate-Transfer (BOT) projects, and 1 Toll-Operate-Transfer (TOT) road project in 10 states in India with more than INR 41,000 Cr of projects under management. AEL endeavors to add more such value accretive strategic road assets to achieve its vision of becoming a preeminent roads transportation platform in India,” the company said.