Ajay Piramal group set to buy six road projects worth Rs. 2000 crore.

The Ajay Piramal group is close to finalising transactions to purchase controlling stakes in six road assets spread across the country, signalling the emergence of cash-rich investors to infuse life into the stressed road sector and boost infrastructure development in a big way.

The real estate to financial services group has signed non-binding preliminary term sheets to acquire four projects and is in advanced negotiations to do it for two more. The combined valuation for these proposed transactions will be close to Rs. 2,000 crore.

'We have signed term sheets to acquire four road projects. Two more are in the offing. In all these cases, we are looking to buy more than 51 per cent to take management control with an investment horizon of six years. We expect to close these transactions By the end of this fiscal,' said Parvez Umrigar, cohead, structured investment group, Piramal Enterprises.


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