In December, SEW Infrastructure Ltd and Navayuga Engineering Company Ltd. inked a pact with Uniquest Infra to divest 67% stake in SEW Navayuga Barwani Tollways Pvt Ltd-a special purpose vehicle of SEW Infrastructure (backed by Citi Venture Capital and NYLIM Jacob Ballas) and Navayuga Engineering (backed by 3i Group)-subject to customary closing conditions.
SEW Navayuga Barwani Tollways is operating the Khalaghat road project in Madhya Pradesh and Maharashtra border on a section of NH-3 from km 84.70 to km 167.50, under a concession agreement signed with the National Highways Authority of India. The Rs800 crore (US$127 million) build operate and transfer (BOT) project started commercial operations in April 2011.
Zaiviji Ismail, Uniquest Infra Ventures chairman, stated:
We will continue to look for similar acquisition opportunities in India for we aim to expand our presence and are committed to build a portfolio of quality assets
Uniquest Infra Ventures is a joint venture of UEM Group Berhad (a wholly owned subsidiary of Khazanah Nasional Berhad - the investment arm of Government of Malaysia) and IDFC Limited. The company invests long-term capital in infrastructure projects.
Earlier Uniquest had acquired equity stake in Jetpur Somnath Tollways Private Limited (JSTPL) which is implementing a 124 Km build operate transfer (BOT) project on NH-8D connecting Jetpur and Somnath in Gujarat.