KNR Constructions inks SPA to sell equity stake in two road BOT assets

KNR Constructions (KNR) and Patel Engineering 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. Cyril Amarchand Mangaldas (Delhi) were the legal advisors to the Sellers whereas Luthra and Luthra law offices advised the buyers on this transaction.

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.

KNR Construction is a multi domain infrastructure project development company providing (EPC) engineering, procurement and construction services across various fast growing sectors namely roads & highways, irrigation and urban water infrastructure management.