Corporate News     12-Feb-15
Sadbhav Engineering to sell 19.99% stake in Mumbai Nasik Expressway
For a consideration of Rs 72 crore
Sadbhav Engineering announced that the Company, Sadbhav Infrastructure Project ("SIPL") (subsidiary of the Company) (collectively "Sadbhav") and Gammon Infrastructure Projects ("GIPL") have executed a binding term sheet (the "Term Sheet") whereby Sadbhav has agreed to sell 1,03,99,500 equity shares of Rs. 10 each held in Mumbai Nasik Expressway ("MNEL") constituting 19.99% of share capital of MNEL to GIPL for an aggregate consideration of Rs. 72 crore.

In terms of the Term Sheet, the Company is in the process of transferring its shares in MNEL to SIPL. Definitive agreements are proposed to be executed in this regard.

MNEL is the special purpose vehicle to improve, operate and maintain the stretch from Vadape to Gonde section of National Highway 3 in the State of Maharashtra.

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