Gayatri Projects, NCC to offload 100% stake in SPV operating Meerut-Muzaffarnagar project: Report

Gayatri Projects and Nagarjuna Constructions (NCC) are reportedly in the final stages of selling their 100% stake in the special purpose vehicle (SPV) 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.

Gayatri Projects is a Hyderabad-based infrastructure and construction company with a presence across the segment, primarily undertaking road and irrigation projects.