ITNL to divest part of equity stake in road projects

IL&FS Transportation Networks Limited (ITNL) will divest a part of its stake in two road projects to Delhi-based Oriental Tollroads Private Limited. ITNL has signed an agreement with Oriental Tollroads for divesting 14.5 per cent of its equity stake in Moradabad Bareilly Expressway Limited (MBEL) for Rs 803.5 million. MBEL is the SPV for the Moradabad-Bareilly four-laning highway project on National Highway-24. Oriental Tollroads will acquire a 10 per cent stake in Gujarat Road and Infrastructure Company Limited (GRICL) for Rs 831.9 million. GRICL is the SPV set up for the Vadodara-Halol and Ahmedabad-Mehsana four-laning road projects.



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