Madhucon plans to sell 74% stake in Agra-Jaipur Expressways project.

Madhucon Projects Ltd., a Hyderabad-based road developer, plans to sell at least 74% stake in Madhucon Agra-Jaipur Expressways Ltd. to IDFC Alternatives Ltd., the private equity (PE) arm of IDFC Ltd., two people close to the development said.

Madhucon Agra-Jaipur Expressways is a so-called build-operate-transfer (BOT) project along National Highway (NH) 11 and connects NH 8 with NH 2, which are part of the Golden Quadrilateral. The expressway connects Bharatpur with Mahua in Rajasthan.

The project was awarded by the National Highway Authority of India (NHAI) with a concession period of 25 years starting 31 October 2005. Tolling on the expressway commenced in May 2009.

'Madhucon is looking to divest about 74% stake in the road asset (Agra-Jaipur Expressways). We are evaluating the proposal to invest in the project,' said a top official at IDFC Alternatives. The official, however, said the discussions are at a preliminary stages and asked not to be identified.

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