 "Shapoorji Pallonji")
Shapoorji Pallonji (SP) Group has sold its stake for an undisclosed amount in the Jammu-Udhampur Highway to the state-run National Infrastructure Investment Fund (NIIF) to service its bond market debt.
The group undertook the project through a unit called SP Jammu Udhampur Highway Limited in 2011, after getting the contract to build a 64.5-km highway on a build-operate-transfer (annuity) basis. The concession agreement allowed the firm to collect a pre-agreed semi-annual sum for the next 20 years.
"This transaction also results in an effective reduction of approx. Rs 1,850 crore of consolidated Group debt besides unlocking equity," said Jai Mavani, group executive director (corporate finance and M&A) at SP.
