Sadbhav Infrastructure completes stake acquisition in DPTL

Sadbhav Infrastructure Project Ltd (SIPL) today said it has completed the stake acquisition in Dhule Palesner Tollway Ltd (DPTL) from its JV partners, HCC Concessions (HCON) and JLL.

"SIPL has completed the acquisition of 60 per cent equity stake from JV partner HCON and 11.9 per cent equity from John Laing Investments Ltd and John Laing Investments Mauritius (No. 1) Ltd (together as JLL) in Dhule Palesner Tollway Ltd (DPTL)," it said in a filing to the BSE.

SIPL has paid Rs 142.94 crore to HCON towards tranche one payment and Rs 8.19 crore to JLL as against total book value of Rs 241.52 crore, it added.

"SIPL shall also acquire 27.2 per cent equity stake in the Company from its parent company ie Sadbhav Engineering Ltd (SEL) for which purchase consideration is already paid by SIPL to SEL," the filing said.

Upon completion of the actual transfer of shares, SIPL will hold 100 per cent of the equity shares in DPTL, it added.

In 2008-09, NHAI awarded the development of Dhule Palasner Tollway Ltd to an HCC-led consortium comprising Sadbhav Group and UK-based John Laing.

Dhule has been developed with a total capital cost of Rs 1,420 crore. The 89-km public-private partnership project is part of NH-3 connecting Mumbai to Agra.

The project started commercial operations in February 2012, four months ahead of scheduled completion.

Shares of SIPL were trading marginally lower at Rs 101.50 apiece in afternoon trade.