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Gammon Infrastructure Projects concludes sale of 3 SPVs for Rs 30 lakh

01 Apr 2016 Evaluate

Gammon Infrastructure Projects has completed sale of 3 SPVs, being wholly-owned non-material subsidiaries of the company - Patna Buxar Highways (PBHL); Pataliputra Highway and Mormugao Terminal (MTL) with a view to rationalize its SPVs structure for an aggregate consideration of Rs 30 lakh, approved by the board of directors by way of resolution passed by circulation on March 31, 2016.

These SPVs currently do not have any scope of future activity other than litigation with the clients, in case of PBHL and MTL, for realization of claims / compensation for unilateral termination of the projects. The company has retained the rights to future claims pending under arbitration which are uncertain and contingent in case of PBHL and MTL.

Gammon Infrastructure Projects is an infrastructure project development company incorporated by Gammon India, to participate in the development of infrastructure projects on a public private partnership (PPP) basis.



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