IVRCL Limited has signed definitive agreements with TRIL Roads Private Limited (TRPL), a TATA enterprise, to divest its stake in three highway projects with a total project cost of Rs. 2,200 crore as part of its strategic business plan to monetise its BOT assets.
The three projects which were monetised are Salem Tollways Limited (STL), Kumarapalayam Tollways Ltd (KTL) and IVRCL Chengapally Tollways Ltd (ICTL).
A press release by the company on Monday said the total deal considerations would be realised upon satisfaction of certain agreement related conditions and upon NHAI and lenders’ approvals.
The company also stated that it had plans to divest in another three highway or water projects out of the total portfolio of 9 BOT projects in the next six months.
Further, the company said STL had commenced commercial operations on the 53 km stretch of NH-47 from Salem to Kumarapalayam in Tamil Nadu from June 2010 and KTL was operating another 47 km stretch on the same highway from Kumarapalayam to Chengapally from August 2009.
On the other hand, ICTL is planning to commence commercial operations on 54.83 km stretch of NH-47 from Chengapalli to Walayar via Coimbatore in the first half of 2013-14.