Rolta on Wednesday announced that it had sold its 50 per cent stake in Shaw Rolta Ltd. (SWRL) to its joint venture partner Stone & Webster, a subsidiary of the Shaw Group, Inc.
The effective date of this transaction is December 31, 2010.
According to a statement, through this transaction, Rolta has been able to unlock substantial value in SWRL and for its 50 per cent share that have a face value of about $100,000 (Rs.50 lakh), the sale agreement provides for an immediate receipt by Rolta of a sum of $27.50 million (about Rs.125 crore), and in addition, about $8 million (Rs.36 crore) in the next two years, for defined services, aggregating to about $35.50 million (nearly Rs.160 crore) as total consideration as per the agreement.
SWRL paid a dividend of Rs.1 crore each to Rolta and Shaw for the last financial year ended on June 30, 2010.
Established in 2004 as a 50:50 joint venture, SWRL has served as an off-shore engineering centre for Shaw's global projects, and focused on EPC business in India, including nuclear energy sector.
