Sadbhav Infra gets final nod from authorities for 100% stake transfer of 8 SPVs

Sadbhav Infrastructure Project on Tuesday said it has got final nod from various authorities, including the NHAI, for transfer of its 100 per cent stake in eight special purpose vehicles to IndInfravit Trust.

The eight SPVs are Bhilwara-Rajsamanad Tollway, Bijapur-Hungund Tollway, Dhule Palesner Tollway, Hyderabad-Yadgiri Tollway, Nagpur-Seoni Express Way, Shreenathji-Udaipur Tollway, Aurangabad-Jalna Toll Way and Mysore-Bellary Highway.

The company said it has received NHAI approval with regard to Bhilwara-Rajsamanad Tollway, Bijapur-Hungund Tollway, Dhule Palesner Tollway, Hyderabad-Yadgiri Tollway, Nagpur-Seoni Express Way and Shreenathji-Udaipur Tollway.

"We have received final approval from various authorities for transfer of 100 per cent stake of...8 Special Purpose Vehicles (SPVs) from Sadbhav Infrastructure Project Ltd (SIPL) to Indinfravit Trust," the company said in a BSE filing.

With regard to Aurangabad-Jalna Tollway it has got the approval from Maharashtra government while in the case of Mysore-Bellary Highway it has got nod from Karnataka State Highway Improvement Project.

Authority approval for Ahmedabad Ring Road Infrastructure (ARRIL) is under process and at an advanced stage and closure of the above eight SPVs is independent of ARRIL, it added.

The company "currently expects to receive the stake sale proceeds in respect of above eight SPVs soon after the declaration of the results of unitholders' meeting on January 31, 2020, subject to the approval of the unitholders of the IndInfravit Trust, satisfaction of the applicable terms and conditions of the relevant definitive agreements and compliance with applicable law," it said.

Sadbhav Infrastructure Project Ltd is a subsidiary of Sadbhav Engineering.