Sadbhav Infrastructure Project (SIPL), a company promoted by Sadbhav Engineering (SEL), has signed a definitive share purchase agreement (SPA) for acquisition of 60% equity stake from HCC Concessions, a group company of Hindustan Construction Company (HCC) in Dhule Palesnar Tollway (DPTL). However, the agreement is subject to fulfilment of certain conditions, statutory and lender approval.
Post completion of acquisition from HCC Group and transfer of holding by SEL to SIPL, SIPL will become a 100% owner of Dhule Palasner Tollway. Gross purchase consideration for acquisition shall be Rs 203.97 crore. Further, upon simultaneously getting outstanding dues from HCC Group, net cash outflow to Sadbhav Group will be Rs 130.44 crore.
Sadbhav Engineering (SEL) is one of the largest BOT developers in the road sector in India with good project execution skills. SEL operates in the four distinct business areas in the infrastructure sector viz. BOT road projects, cash contract-based road projects, irrigation projects and mining.
