KNR Constructions completes sale of KNR Walayar Tollways to Singapore-based Cube Highways
Sep 29, 2020
Hyderabad (Telangana) [India], Sep 29 : Infrastructure major KNR Constructions said on Tuesday it has successfully completed its 100 per cent sale of KNR Walayar Tollways to Cube Highways and Infrastructure III, a Singapore-based company investing in road and highway projects.
I Squared Capital and a wholly-owned subsidiary of the Abu Dhabi lnvestment Authority are shareholders in Cube Highways and Infrastructure III. KNR Walayar Tollways is a special purpose vehicle promoted by KNR Constructions.
The agreed enterprise value of Rs 511.78 crore excluding claims receivable from the National Highways Authority of India (NHAI) and other governmental instrumentalities is comprising of debt of Rs 127.1 crore and an equity valuation of Rs 384.68 crore, the company said in a statement.
K Jalandhar Reddy, Executive Director of KNR Constructions, said the company completed the 100 per cent sale of KNR Walayar Tollways to Cube Highways and Infrastructure III in line with the company's policy of making asset light by monetisation of build-operate-transfer, hybrid annuity model and annuity projects and reinvest the amount unlocked by way of sale in new hybrid annuity model and engineering, procurement and construction business.
