Madhucon Projects has successfully completed the Strategic sale of its majority stake (74%) in Madhucon Agra - Jaipur Expressways (MAJEL) to Cube Highways and Infrastructure Pte, (formerly known as ISQ Asia Infrastructure I-A Pte). Cube Highways has initially emerged as the successful bidder in buying majority stake in MAJEL which also attracted strong interest from several major investors in India and abroad.
Madhucon and Cube Highways had signed a share purchase agreement on October 21, 2015 for Rs 248 crore. Upon receiving all necessary approvals the transfer was concluded on March 30, 2016 with a stake transfer of 74%. Disinvestment of the stake has assisted Madhucon Group to pare down its debt by Rs 212 crore. This is the first major Strategic sale in Madhucon’s Highway portfolio.
Madhucon Projects is engaged in civil construction. The Company is an integrated construction, infrastructure development and management company. It caters to various sectors of construction and infrastructure projects, such as transportation, irrigation, water resources infrastructures, railways, engineering, procurement and construction (EPC), turnkey projects, developments of smart cities, and properties, in India.