Transactions - APRIL 17, 2017

GR Infraprojects sells two road assets to IDFC Alternatives

by Jody Barhanovich

GR Infraprojects, a Delhi-based company, has sold 74 percent of its majority stake in two of its build, operate and transfer road assets to IDFC Alternatives for an undisclosed amount, according to news sources.

IDFC Alternatives, through its India Infrastructure Fund II, bought the stake in Jodhpur Pali Expressway in Rajasthan and Shillong Expressway in Meghalaya from GR Infraprojects. The Jodhpur Pali project was awarded by the Rajasthan government with a concession period of 25 years, while the Shillong Expressway project was awarded by the National Highways Authority of India.

IDFC will acquire the remaining 26 percent stake in the assets upon completion of certain closing requirements. Investment bank Equirus Capital Pvt. acted as the exclusive transaction adviser to GR Infraprojects.

IDFC Alternatives invests through three asset classes — private equity, infrastructure and real estate. It has $3.6 billion in assets under management and currently runs four private equity funds, two infrastructure equity funds and three real estate funds.

IDFC’s second infrastructure fund, India Infrastructure Fund II, provides growth-stage capital to companies in India. The fund seeks to raise $900 million in equity commitments. Late in 2016, the fund acquired BSCPL Godhra Tollways and three solar projects in Punjab and Rajasthan from engineering and construction company Punj Lloyd.

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