Sadbhav Engineering and Sadbhav Infrastructure Project (SIPL) have transferred entire stake constituting 1,04,00,000 equity shares of Rs 10 each held in Mumbai-Nasik Expressway (MNEL) for an aggregate consideration of Rs 72 crore to BIF India Holdings. The company held 20% equity stake in MNEL, economic interest of which is with subsidiary SIPL, as per agreement dated September 22, 2010.
MNEL was the first BOT project of the company in joint venture with Gammon Infrastructure Projects where the company had invested Rs 10.40 crore for the 20% stake in the year 2005-06 thereby the sale consideration of Rs 72 crore is approximately 7 times of the investment made by the company.
Mumbai-Nasik Expressway is the special purpose vehicle jointly incorporated by Gammon Group and Sadbhav Engineering for Build, Operate and Transfer (BOT) for a total length of 99.5 Kms between Vadape to Gonde section of National Highway no. 3 in the state of Maharashtra.
