NCC, Gayatri Projects to sell 100% stake in Meerut-Muzaffarnagar project on NH 58: Report

Hyderabad-based infrastructure players Nagarjuna Constructions (NCC) and Gayatri Projects are reportedly in the final stages of selling their 100% stake in the special purpose vehicle operating the Meerut-Muzaffarnagar project on National Highway (NH) 58 to I Squared Capital and International Finance Corporation (IFC) backed Cube Highways.

The project has been operational for the last four years and attracts steady traffic. The deal is likely to be sealed for an enterprise value of around Rs 600 crore.

NCC is engaged in development of real estate. The company’s projects stand on credentials of its work in various sectors such as Housing, Transportation, Power, water, Metals and Oil and gas.