Road developers KMC Infrastructure Limited and BSCPL Infrastructure Limited have sold two toll road projects to Canadian alternative asset manager Brookfield Asset Management in a Rs 19 billion (close to $300 million) deal. The transaction involved selling a 100 per cent stake in the SPVs (Simhapuri Expressway Limited and Rayalaseema Expressway Limited) for the two build-operate-transfer (BOT) toll roads – that cover 375 km in Andhra Pradesh. The Simhapuri expressway, a 184 km project, is 49 per cent owned by the BSCPL Group while the rest is owned by the KMC Group. The Rayalaseema expressway, another toll road project of similar size, is fully owned by KMC. IDFC Bank acted as the sell-side adviser to KMC and BSCPL.
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