Patel Engineering & KNR Constructions (KNR) have signed a Share Purchase Agreement (SPA) to sell their entire equity stake in two Road BOT assets viz. Patel KNR Infrastructure (PKIL) and Patel KNR Heavy Infrastructure (PKHIL) to an EsseI group company.
Both the assets are operational annuity based BOT assets awarded by NHAI. The enterprise value of both assets put together for this transaction is Rs 850 crore. The transaction is subject to certain conditions precedent including lenders and NHAI approvals, customary to transactions of this nature and parties anticipate closing of the transaction within next 2-3 months.
Equirus Capital acted as exclusive transaction advisors to the sellers on this transaction. Cyril Amarchand Mangaldas (Delhi) were the legal advisors to the sellers whereas Luthra and Luthra law offices advised the buyers on this transaction.
Patel Engineering provides a wide range of civil engineering services involved in design and construction of power projeccts, hydroeletric projects, commercial building, industrial complexes, dams, tunnels, underground structures, steel and concrete structures, bridges, marine works, flyovers and national highways in India and abroad.
