Simplex Infrastructures, through its subsidiary Simplex Infra Development Limited (SIDL), has acquired an additional 49% stake in Maa Durga Expressways Pvt Ltd (MDEPL) from Gammon Infrastructure Projects.
Under the terms of the agreement, which will be executed in one or more tranches, Simplex Infrastructures will pay a total consideration of Rs490 million (US$7.4 million). After that, the company will own 100% of the shares as it currently holds 51% of the share capital of the project.
MDEPL is a special purpose vehicle (SVP) created to carry out the four-laning of Mahulia to Baharagora (Km. 277.50 to 333 .50) of NH-33 and Baharagora to Kharagpur (Km. 199.500 to 129.600) of NH-6 under the National Highways Development Project i (NHDP) Phase-III in the state of Jharkhand & West Bengal (India) on build, operation and transfer (BOT) Toll Basis.
Simplex Infrastructures Ltd. is a diversified company established in 1924 and executing projects in several sectors like transport, energy, mining, buildings, marine, real estate etc. The company has been closely associated with India's infrastructure building with over 2600 completed projects spanning almost all the gamut of construction industry.