Adani Road Transport Ltd. (ARTL), a wholly owned subsidiary of Adani Enterprises that is engaged in the development, construction, operations and management of roads and highway projects in India, has agreed to acquire Macquarie Asia Infrastructure Fund’s India toll roads In Andhra Pradesh and Gujarat. The deal was priced at INR 3,110 crore ($391.89 million).
ARTL will acquire Macquarie’s 56.8 percent stake in the Gujarat Road and Infrastructure Company (GRICL) and its 100 percent stake in Swarna Tollway Private Ltd. (STPL). IL&FS also owns a 26.8 percent stake in GRICL and the government of Gujarat owns the remainder. Following the acquisition of the stake in GRICL, ARTL will also evaluate the acquisition of IL&FS stake in GRICL.
STPL has two stretches of toll roads in Andhra Pradesh spanning 110 kilometers (68 miles) and 48 kilometers (30 miles); and GRICL also has two stretches of toll roads in Gujarat spanning 51.6 kilometers (32 miles) and 31.7 kilomet
