SSPDL to acquire shares of UK-based partner in Joint Venture Company

Infrastructure and Real Estate developer SSPDL Ltd has said that the company would acquire its joint venture partner's stake in SSPDL Interserve Pvt Ltd (SIPL), since the partner has expressed its desire to exit from the construction business in India.

The company today informed Bombay Stock Exchange that its joint venture partner, the UK-based Interserve Holdings Ltd, which holds 49 per cent in SIPL, has expressed its desire to exit from construction business in India as better opportunities are available internationally to them. Further, they proposed to SSPDL to purchase the shares held by them in the JV.

'The Board of Directors of SSPDL Limited in its meeting held on July 24, 2013 has considered the request of Interserve Holdings Limited, UK and decided in principle to acquire the shares held by them in SSPDL Interserve Private Limited in compliance with applicable Laws,' announced the company.

It may be noted that the Joint Venture was announced in 2010, and was expected to undertake infrastructure projects across the country including highway projects, in long term.