Adani to tap market for Macquarie road projects buyout

The Adani Group will raise money from the market to purchase road projects from Macquarie Asia Infrastructure Fund (MAIF) after negotiating funding for the Ganga Expressway in Uttar Pradesh. Adani Road GRICL (ARGL) and Adani Road STPL, two Adani Enterprises subsidiaries, would issue non-convertible debentures (NCDs) to raise up to Rs 8 billion or Rs 4 billion each. A 56.8% interest in Gujarat Road Infrastructure Company will be purchased by ARGL. Additionally, the company is considering whether to eventually buy IL&FS's 26.8% interest in ARGL so that it will ultimately own 83.6% of the company. From Macquarie, ARSL will buy a 100% stake in Swarna Tollway (STPL). The GRICL is a special purpose vehicle (SPV) established on in 1999 to build the Ahmedabad-Mehsana and Vadodara-Halol state roads in Gujarat on a build, own, operate, and transfer (BOOT) was the basis. Founded in 2001, STPL is an SPV for the build-operate-transfer (BOT) implementation of a road project in Andhra Pradesh. The greenfield Ganga Expressway project in Uttar Pradesh was funded last week by loans from the State Bank of India (SBI) totalling Rs 10.238 billion. It will be implemented using a develop, build, finance, operate, and transfer model to link Meerut and Prayagraj, both in Uttar Pradesh. See also: Goa launches 'Multimodal Transport App' for last mile connectivitySisodia promises upgrade of five major Delhi roads