Neo AIF to invest Rs 4.50 billion in Ceigall India's Punjab road project

25 Oct 2024 CW Team

The Neo Infra Income Opportunities Fund (NIIOF) is poised to acquire the complete equity of Ceigall India for approximately Rs 4.50 billion, covering its operational four-laned road stretch that extends from Punjab to Rajasthan.

Sources familiar with the matter indicated that Ceigall India is in advanced discussions with its parent company, Neo Asset Management, regarding the sale of its 100% stake in the Malout highway project, with an enterprise value estimated between Rs 4 and Rs 4.50 billion.

Neo Asset Management serves as the alternative asset management branch of Neo Group, which operates the Neo Infra Income Opportunities Fund.

Ceigall India is recognized as an infrastructure construction firm that has successfully developed over 1,739.88 lane km of various road types, including highways, elevated roads, flyovers, bridges, railway over bridges, tunnels, expressways, and runways.

The project in question is a four-lane road spanning 65 kilometers from Malout in Punjab to Sadhuwali in Rajasthan, executed under a hybrid annuity model as part of the Bharatmala scheme. The concession period for this project is set at 17 years, incorporating a two-year construction period, and it was completed on June 6, 2023, according to one of the sources.

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