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Welspun acquire 49pct stake in road project from Vishvaraj Group

Infra News - Published on Fri, 02 Feb 2018

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Construction firm Welspun Enterprises Ltd recently acquired a 49% stake in a road project of the National Highways Authority of India (NHAI) from Vishvaraj Group for INR 8.33 crore, the company said in a stock-exchange disclosure. The company has an option to acquire the remaining 51% stake for INR 8.67 crore after obtaining approval from NHAI.

The project involves four-laning of a 62.7 km stretch on National Highway-6 from Chikhali to Tarsod in Maharashtra. It is a hybrid-annuity project, which gets 40% financial support from the NHAI. The bid project cost was INR 1,048 crore.

The engineering, procurement and construction for this project will be executed by Welspun Enterprises.

Following this acquisition, Welspun Enterprises will become a sponsor of five hybrid-annuity projects with an aggregate worth of over INR 5,000 crore, according to the release.

Mr B K Goenka chairman of Welspun Group said that the company is focused on profitably growing its infrastructure portfolio and the current transaction is another step in that direction. Mr Goenka added that the company continues to explore opportunities for value creation in the infrastructure space.

In 2017, Welspun had acquired 49% stake each in two road projects of the NHAI from MBL Infrastructures Ltd for a total INR 23 crore.

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Posted By : Nanda Koijam on Fri, 02 Feb 2018
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