IL&FS Transportation Networks has decided to acquire all the equity investments held by Elsamex SA & its Group Companies (Elsamex SA) in their Indian subsidiaries. This step has been taken as part of company’s internal restructuring exercise.
Consequently, the company has entered into Share Purchase Agreements (SPA) dated December 15, 2016 with Elsamex SA & its Group Companies for purchase of 100% equity stake held in India i.e. Elsamex Maintenance Services, Elsamex India, Yala Construction Company and Grusamar India, at an aggregate consideration of Rs 140.95 crore. The completion of transaction and payment of consideration is contingent upon receipt of necessary approvals and fulfillment of certain conditions precedents.
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.
