Adani group to raise funds to acquire road projects from Macquarie

After arranging funds for Ganga Expressway in Uttar Pradesh, the Adani group will raise money from the market to buy road projects from Macquarie Asia Infrastructure Fund (MAIF).

Two entities of Adani Enterprises — Adani Road GRICL (ARGL) and Adani Road STPL — will raise up to Rs 800 crore through non-convertible debentures (NCDs). Each of them will raise up to Rs 400 crore by issuing debentures.

ARGL will acquire 56.8 per cent stake in Gujarat Road Infrastructure Company (GRICL). ARGL is also evaluating to subsequently acquire IL&FS’s 26.8 per cent stake in GRICL and ultimately have 83.6 per cent shareholding in the entity.

ARSL will acquire 100 per cent holding in Swarna Tollway Pvt. Ltd (STPL) from Macquarie.

GRICL is a special purpose vehicle (SPV) incorporated on June 2, 1999, for developing two state road projects in Gujarat, Ahmedabad-Mehsana and Vadodara-Halol. The project was on build, own, operate and transfer (BOOT) basis.

BS