Madhucon managing Director Nama Seethiah stated:
"The group strategy is to leverage its renowned EPC expertise to execute road projects and flip the operating assets,"
Madhucon Agra Jaipur Expressways limited is a special purpose vehicle (SPV) established by Madhucon Projects and SREI Infrastrucuture Limited to strengthen and widen the 57 Km stretch between Bharatpur and Mahwa, both in Rajasthan, on the NH11. SREI only owns 7 % in the project.
The road also provides connectivity between NH8, connecting Mumbai-Delhi and NH2, connecting Kolkata-Delhi and forms a part of the Golden Quadrilateral.
The road PPP project was awarded by NHAI on a build, operate and transfer (BOT) basis. The project has a concession period of 25 years starting October 31, 2005.
The transaction has a value estimated at Rs2.5 billion (US$39.1 million).
The acquisition is scheduled to be completed in 60 days.