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Kalpataru Projects International Limited (KPIL) has completed the sale of its entire equity stake in Vindhyachal Expressway Private Limited to global sustainable infrastructure investor Actis for an enterprise value of INR 775 crore, subject to closing adjustments. The transaction marks a significant milestone in KPIL's asset monetisation strategy and reflects its ability to develop, operate and successfully divest long-term infrastructure assets. Vindhyachal Expressway is a special purpose vehicle that operates an 89.30-kilometre four-lane highway project connecting Rewa and Hanumana on National Highway-7 under a DBFOT toll-based concession from the Madhya Pradesh Road Development Corporation. KPIL said the divestment aligns with its focus on unlocking value from non-core assets while redeploying capital into its core EPC businesses to drive growth and improve returns.
Kalpataru Projects International Limited on Friday announced that it has sold its 100 per cent equity stake in its wholly owned subsidiary Vindhyachal Expressway Private Limited (VEPL) to growth market sustainable infrastructure investor Actis for an enterprise value of INR 775 crore, subject to necessary closing adjustments. Advertisement
The company said definitive agreements for the transaction were executed on October 9, 2024, and the sale has now been successfully completed. VEPL was set up as a special purpose vehicle to undertake a four-laning road project spanning 89.30 kilometres, connecting the city of Rewa with Hanumana on the Madhya Pradesh Uttar Pradesh border along National Highway-7.
The project is being developed under a design, build, finance, operate and transfer (DBFOT) toll-based concession granted by the Madhya Pradesh Road Development Corporation. The concession agreement was executed in January 2012, with toll operations commencing in February 2015.
Commenting on the transaction, Manish Mohnot, Managing Director and Chief Executive Officer of KPIL, said the divestment represents a landmark moment for the company. He noted that the sale of VEPL, along with earlier divestments of transmission assets, highlights KPIL's track record in building, operating and monetising long-term infrastructure projects.
He added that such divestments are consistent with the company's strategy of optimising value through the disposal of non-core assets, while continuing to invest in its core engineering, procurement and construction (EPC) businesses to accelerate growth, scale operations and achieve targeted return ratios.
Equirus Capital Private Limited acted as the transaction advisor to KPIL, with Khaitan & Co serving as its legal advisor. Anangram Partners advised Actis on the legal aspects of the deal.
Source - PTI
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