Piramal Enterprises to Close Rs. 2,000 cr Deal on 6 Road Projects
The Ajay Piramal Group is expected to finalise transactions, which involve purchasing the authority to control the stakes in six road assets across the country. This news has fueled the real estate players who are now hoping that the presence of big investors will boost the infrastructure development in the country.
Four non-binding preliminary term sheets have been signed for acquiring four of these six projects. Advanced negotiations are on for two more. Once all six deals are closed, the valuation of these projects combined would amount to around Rs. 2,000 crore. Co-head of Piramal Enterprises, Parvez Umrigar said that they are looking to buy more than 51% to get management control with a six-year investment horizon.
Parvez Umrigar, who was previously CEO of Gammon Infrastructure, joined last year to take up Ajay Piramal’s investment plans for the infrastructure sector. They have also invested in Green Infra and Navayuga Engineering Co, based out of Hyderabad. They decided to manage the road assets half a year ago, and plan to bring these operations under a common committee. An exclusive team is to be set up for management purposes, headed by a Chief Operating Officer.
Source: The Economic Times
Ajay Piramal Group, Ajay Piramal’s investment plans, Gammon Infrastructure, Gammon Infrastructure Projects, Parvez Umrigar, Piramal Enterprises
