Adani Enterprises Ltd.

Adani Enterprises’ (AEL) wholly owned subsidiary -- Adani Road Transport (ARTL) has entered into a definitive agreement to acquire Gujarat Road and Infrastructure Company (GRICL) (owned 56.8% by Macquarie Asia Infrastructure Fund) and Swarna Tollway (STPL) (owned 100% by Macquarie Asia Infrastructure Fund). ARTL will acquire 56.8% in GRICL and 100% stake in STPL subject to regulatory approval. The transaction is expected to close in September 2022.

STPL has two stretches of toll roads in Andhra Pradesh: i) Tada to Nellore on NH-16 connecting important ports such as Chennai, and Krishnapatnam in Andhra Pradesh, spanning 110 km and ii) Nandigama to Ibrahimpatnam to Vijayawada on NH-65 spanning 48 km, which connects key southern metro cities and provides feeder traffic to NH16. Together the STPL portfolio has demonstrated strong historical revenue growth. GRICL has two stretches of toll roads in Gujarat: i) Ahmedabad to Mehsana on SH-41 spanning 51.6 km with majority passenger traffic connecting important northern Gujarat corridors and ii) Vadodara to Halol on SH-87 spanning 31.7 km which is on Delhi Mumbai Industrial Corridor with proximity to several industries. Together the GRICL portfolio has demonstrated strong historical revenue growth. Macquarie Asia Infrastructure Fund owns 56.8% stake, IL&FS owns 26.8% stake and Govt of Gujarat owns the balance stake. Post acquisition of the stake in GRICL, ARTL will also evaluate the acquisition of IL&FS stake in GRICL.

The acquisition is at an enterprise value of Rs 3,110 crore. The acquisition of Macquarie Asia Infrastructure Fund’s toll road portfolio in AP and Gujarat will enhance the bouquet of ARTL’s business in highways which includes 8 Hybrid Annuity Mode (HAM) projects, 5 Build-Operate-Transfer (BOT) projects, and 1 Toll-Operate-Transfer (TOT) road project in 10 states in India with more than Rs 41,000 crore of projects under management. AEL endeavors to add more such value accretive strategic road assets to achieve its vision of becoming a preeminent roads transportation platform in India. 

Adani Enterprises is an infrastructure company. The company is engaged in coal trading, coal mining, oil and gas exploration, ports, multimodal logistics, power generation and transmission, and gas distribution.