IVRCL has entered into Share Purchase Agreement (SPA) with Cube Highways and Infrastructure (Cube) for sale of the entire stake in two subsidiary companies Viz., Salem Tollways (STL) and Kumarapalayam Tollways (KTL). The completion of transaction and payment of consideration is contingent upon fulfilment of certain customary approvals from all concerned authorities and lenders of STL, KTL and IVRCL.
KTL operates 48.5 km stretch between Kumarapalayam and Chengapalli, on National Highway 544 (earlier NH-47), in the state of Tamil Nadu, under Build Operate Transfer (BOT) Toll mode. The project commenced operations in August 2009. STL operates a 53.5 km stretch between Salem and Kumarapalayam, on National Highway 544 (earlier NH-47), in the state of Tamil Nadu, under Build Operate Transfer (BOT) Toll mode. The project commenced operations in June 2010.
IVRCL is engaged in the business of development and execution of engineering, procurement, construction and commissioning (EPCC) and lump sum turnkey (LSTK) facilities in various Infrastructure projects.
| Company Name | CMP |
|---|---|
| Larsen & Toubro | 4075.85 |
| Rail Vikas Nigam | 287.15 |
| NCC | 155.45 |
| KEC International | 565.60 |
| Kalpataru Projects | 1211.70 |
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