Adani to tap market for Macquarie road projects buyout

10 Oct 2022 CW Team

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.

Macquarie; MAIF; Adani Road STPL; Ganga Expressway

Resources

20 May 2025

Blum India brings Design Reverie to Hyderabad

Blum India hosted the Hyderabad edition of its signature event, Design Reverie, at the historic Taj Falaknuma Palace, making it a memorable evening for the city鈥檚 architecture and interior design community. As per news reports, the event combined modern design sensibilities with the grandeur of a palace setting and the spiritual charm of Sufi qawwali.This marked the third edition of the event, after previous gatherings in Delhi and Bangalore. In Hyderabad, the focus was on fostering relaxed yet meaningful dialogue among design professionals鈥攁way from the typical conference setup. The eveni..

Resources

20 May 2025

Hafele launches Platinum Studio in Nagpur

Hafele has expanded its franchise footprint in central India by opening a new Studio Partner Platinum showroom in Nagpur in collaboration with Onkar Furnitech. The studio was inaugurated by Nitin Gadkari, Minister of Road Transport and Highways, along with Padma Gupta, Director 鈥� HR & Customer Experience, Hafele South Asia.Located at Sarthak Plaza, South Ambazari Road, Laxmi Nagar, the showroom offers an immersive experience of Hafele鈥檚 wide-ranging interior and home solutions. Designed as a hands-on, real-life application space, the studio showcases Hafele鈥檚 full portfolio鈥攊ncludi..

Resources

20 May 2025

Truflo by Hindware wins GPTW honour again

Truflo by Hindware has been certified a Great Place to Work for the fourth consecutive year, reaffirming its commitment to a people-first culture. The certification was awarded by the Great Place to Work Institute following a rigorous evaluation of employee experience, leadership, culture, and HR practices.Known as India鈥檚 fastest-growing plastic pipes and fittings company, Truflo has focused on fostering an inclusive, innovative, and growth-driven work environment. The company prioritises employee well-being and professional development, creating a culture where people feel valued and empow..