Adani to buy 49% stake in Maharashtra Border Check Post Network Ltd

17 Aug 2021 CW Team

Adani Enterprises Limited (AEL) announced that its wholly-owned subsidiary is acquiring a 49% stake in Maharashtra Border Check Post Network Limited (MBCPNL), including an option to get an additional stake subject to regulatory permission.

The company revealed that the acquisition took place at an enterprise value of Rs 1,680 crore, executing engaging earnings before interest, taxes, depreciation, and amortization (EBITDA) multiple of 7x.

Enterprise value (EV) is a measure of a company's total value, usually used as a complete alternative to equity market capitalization.

EV comprises in its estimate the market capitalization of a firm but also long-term and short-term debt too as any cash on the balance sheet of the company.

The firm said that the deal is subjected to customary regulatory and lender's permissions and is likely to close in Q3 FY22.

MBCPNL is a subsidiary of Sadbhav Infrastructure Project Limited (SIPL). According to the media reports, MBCPNL has 24 integrated check-posts with expensive service charge collection rights from commercial vehicles for each key traffic route in and out of Maharashtra.

MBCPNL is a significant gateway linking Maharashtra with six adjacent states, covering 20% of the commercial road traffic in the country. As of September 30, 2021, the estimated debt of MBCPNL is Rs.1,130 crore.

On the other hand, ARTL is a transport infrastructure developer committed to the construction and maintenance of roads, highways, and expressways

Adani Enterprises shares closed at Rs 1,430 each on the Bombay Stock Exchange (BSE), declining 0.41%.

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