Adani Road Transport Ltd (ARTL), a subsidiary of Adani Enterprises on Thursday signed an agreement with Macquarie Asia Infrastructure Fund to acquire the latter’s 56.8 per cent stake in Gujarat Road and Infrastructure Company Ltd (GRICL) and 100 per cent stake in Swarna Tollway Pvt Ltd.
The deal, executed at Rs 3,110 crore, will give Adani control over four stretches of toll roads in Andhra Pradesh and Gujarat and is expected to be completed by September, according to a company release.
Swarna Tollway has two stretches of toll roads in Andhra Pradesh — Tada to Nellore on NH-16 connecting important ports such as Chennai, and Krishnapatnam in Andhra Pradesh, and Nandigama to Ibrahimpatnam to Vijayawada.
GRICL operates two toll roads in Gujarat, where Adani owns its flagship Mundra Port — Ahmedabad to Mehsana on SH-41, with a majority of passenger traffic connecting important northern Gujarat corridors. The Western dedicated freight corridor (WDFC) will also pass through Mehsana. The second road from Vadodara is part of the Delhi-Mumbai Industrial Corridor.
Adani currently operates 8 Hybrid Annuity Mode (HAM) projects, 5 Build-Operate-Transfer (BOT) projects, and 1 Toll-Operate-Transfer (TOT) road project in 10 states in India with more than Rs 41,000 crore of projects under management.