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MEP Infra to sell 6 road projects to IHD for over Rs 450 cr

Press Trust of India  |  Mumbai 

is planning to sell its entire stake in six road projects to (IHD) for over Rs 450 crore.

It had signed a non-binding term sheet with IHD on August 4 in respect of divestment of its total stake in its six special purpose vehicles (SPV), MEP said in a release.

"A consideration of over Rs 450 crore will be received from the sale of 100 per cent stake in the SPVs," it added.

The SPVs to be sold include MEP Ring Road 1, MEP Sanjose Ring Road 2, MEP Sanjose Arawali Kante Road, MEP Sanjose Kante Waked Road, MEP Sanjose Talaja Mahuva Road and MEP Sanjose Mahuva Kagavadar Road.

The company hopes to complete the sale proceeds before to March 31, 2020, in conformance with the provisions of the respective concession agreements, it said.

is a company set up in with the objective of acquiring and operating of transportation projects, the release said.

MEP Infrastructure Developers' shares ended 0.59 per cent higher at Rs 59.65 apiece on the today, against 0.36 per cent rise in the benchmark.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, August 09 2018. 18:30 IST