Kalpataru Projects International (KPIL) has completed the sale of its 100 per cent equity stake in Vindhyachal Expressway (VEPL) to global infrastructure investor Actis for an enterprise value of Rs 7.75 billion. The company said definitive agreements for the transaction were executed on October 9, 2024, subject to customary closing adjustments.VEPL is a special purpose vehicle established to develop and operate an 89.30-km four-lane highway connecting Rewa to Hanumana on the Madhya Pradesh–Uttar Pradesh border along National Highway-7. The project was awarded by the Madhya Pradesh Road Development Corporation (MPRDC) under the design, build, finance, operate and transfer (DBFOT) model on a toll basis.The concession agreement between VEPL and MPRDC was signed in January 2012, with toll operations commencing in February 2015. The expressway has since been a key connectivity corridor in the region, supporting passenger and freight movement between eastern Madhya Pradesh and adjoining parts of Uttar Pradesh.KPIL said the divestment aligns with its strategy of unlocking value from operational infrastructure assets while sharpening its focus on core engineering, procurement and construction (EPC) activities. The company has previously divested transmission assets as part of a broader portfolio optimisation exercise.Commenting on the transaction, Manish Mohnot, Managing Director and Chief Executive Officer, Kalpataru Projects International, said the sale marked a landmark moment for the company. “Manish Mohnot, MD & CEO, KPIL, said the transaction reflects the company’s proven capability to develop, operate and successfully divest long-term infrastructure assets,” the statement said. He added that the move was consistent with KPIL’s strategy to monetise non-core assets while reinvesting in its core EPC businesses to accelerate growth and improve returns.Equirus Capital Private acted as transaction advisor to KPIL, while Khaitan & Co served as its legal advisor. Anangram Partners advised Actis on the transaction. KPIL is among India’s leading EPC companies, with operations spanning power transmission and distribution, buildings and factories, water and irrigation, railways, oil and gas pipelines, urban mobility, highways and airports.News source: Money Rediff