IL&FS Transportation Networks has entered into Share Purchase Agreement (SPA) on August 24, 2016 with Cube Highways & Infrastructure (CUBE), a company incorporated in Singapore for sale of its entire equity stake in Andhra Pradesh Expressway (APEL) for an aggregate value of Rs 140.37 crore.
The completion of transaction and receipt of consideration is contingent upon fulfillment of certain conditions, approval from all concerned authorities and creditors of APEL. The transaction does not fall under the related party transactions nor is APEL a material subsidiary of the company.
IL&FS Transportation Networks is an India-based surface transportation infrastructure company. The company is a developer, operator and facilitator of surface transportation infrastructure projects, taking projects from conceptualization through commissioning to operations and maintenance under public to private partnership on build-operate-transfer (BOT) basis.
