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Both the companies have agreed to close the deal in two months time.
The 57-km Agra-Jaipur express way stretch between Bharatpur and Mahua in Rajasthan was awarded to MAJEL on a build operate and transfer (BOT) basis with a concession period of 25 years starting October, 2005.
The SPV has been collecting the toll since May, 2009.
This 'strategic sale', as termed by Madhucon chairman Nama Nageshwar Rao, of this road project comes more than a year after a similar divestment in a road project was done last time by GMR Infra in September 2013.
"It was a strategic sale as we are looking at becoming a debt-free company again in the next one year or so," Nageshwar Rao told Business Standard.
Earlier, IDFC and Piramal were also in the fray to buy out the majority stake in the project.
The company informed the Bombay Stock Exchange (BSE) about its decision to divest the stake of its subsidiaries Madhucon Infra Limited and Madhucon Toll Highways Limited in the SPV to TRIL.
Madhucon Projects scrip rose almost 14% or Rs 4.55 to Rs 37.30 over the previous close of Rs 32.75 in the afternoon trade.
According to a senior company official, the proposed divestment also includes 7% equity held by Srei Infra as the original concessionaire of the project needs to hold a minimum of 26% equity according to National High Way Authority of India(NHAI) norms.
The government has recently proposed to make the changes in the exit policy to enable companies to entirely divest their stake in the road projects two years after the execution, which is still awaited.
Madhucon Group, which is into power, sugar among other business verticals, has a large portfolio of 14 EPC and four BOT road projects, including the Agra-Jaipur Expressway Project.
On a stand alone basis Madhucon Projects' total income stood at Rs 405 crore in the first six month period of the current financial year. Net profit for the period was little over Rs 16 crore.
