Sadbhav Infra gets approval to transfer 100 per cent Mysore-Bellary Highway stake

Gujarat headquartered infra project developer, Sadbhav Infra, reported that it has received state regulatory approval for transfer of its stake in Indinfravit Trust, on Friday.

The company published a press release stating that it has received approval from Karnataka State Highway Improvement Project (KSHIP) for transfer of 100 per cent stake of Mysore-Bellary Highway, which is currently a subsidiary of Sadbhav Engineering, to Indinfravit Trust (Indinfravit). The company, in FY19 entered a deal with Indinfravit for stake sale of its 9 operational projects. On completion of the transaction of stake sell, Sadbhav infra projects expects to receive Rs. 2546.2 crore from Indinfravit.

The stated approval for Mysore-Bellary Highway is the eighth such approval among 9 the contracts between Indinfravit and Sadbhav infra projects. The authority approval for Ahmedabad Ring Road Infrastructure Limited is at an advanced stage and the company will notify on the same very soon.

Sadbhav Infra is infra major which majorly operates on Build Operate Transfer (BOT) model specialising in highways, roads and related projects. It is a subsidiary of Sadbhav Engineering, was incorporated in 2007 as a developer and operator for highways, road and related projects on a BOT basis.

At 1.00 pm stock traded at Rs. 42.20 per share with losses of 1 per cent on BSE.