Dice Highways to purchase Delhi-Agra freeway from RInfra – Livemint

Dice Highways to purchase Delhi-Agra freeway from RInfra – Livemint

Mumbai: Dice Highways and Infrastructure, the Indian roads and highways platform of world infrastructure fund I Squared Capital, on Thursday mentioned that it has agreed to accumulate DA Toll Street Pvt. Ltd, which operates a toll highway within the states of Haryana and Uttar Pradesh, from Reliance Infrastructure Ltd. The enterprise worth of the transaction is round 3,600 crore, RInfra mentioned in a press release. The proceeds shall be utilized for debt discount.

On completion of the transaction, the Dice Highways portfolio may have over 4,500 lane-km of highways throughout India, the assertion mentioned. Monetary particulars of the transaction weren’t disclosed.

Funding financial institution Ambit Pvt. Ltd acted as monetary adviser to Reliance Infra.

DA Toll Street operates the 180-km, six-lane Delhi-Agra freeway (NH2). The highway is a 26-year concession granted in 2010 for strengthening and widening the four-lane freeway to a six-lane configuration and started amassing tolls in October 2012.

“We’re happy to develop our presence within the Indian freeway sector with the acquisition of one other high quality asset. This funding reinforces Dice Highways’ place as a number one participant within the Indian freeway sector and furthers its disciplined development plan of buying strategically situated roads from main development firms and builders,” mentioned Gautam Bhandari, director of Dice Highways and Associate, I Squared Capital.

The completion of the transaction is contingent upon fulfilment of regulatory and lender approvals.

“DA Toll Street types a core a part of NH2, a fundamental artery of the nationwide highways community connecting North to East and Central India. The highway has sturdy development potential because it connects main industrial and vacationer facilities in north India together with Delhi, Faridabad, Mathura and Agra. We anticipate even additional development following completion your complete NH 2 highway mission,” mentioned Harikishan Reddy, chief government officer of Dice Highways Advisors.

Reliance Group firms have sued HT Media Ltd, Mint’s writer, and 9 others within the Bombay excessive court docket over a 2 October 2014 front-page story that they’ve disputed. HT Media is contesting the case.