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Mumbai-based Valecha Infrastructure Ltd will sell its three road PPP projects to New Generation Infrastructure Inc., a subsidiary of New Generation Holdings Inc., a US-based infrastructure and energy firm.
Valecha will be selling the three projects located in Madhya Pradesh and Gujarat and executed under the 'build, operate and transfer' (BOT) model, for about Rs. 3,090 million (around $50 million), the company said in an stock exchange filing on Monday.
Valecha Infrastructure, a wholly owned subsidiary of Valecha Engineering Ltd, will sell its shareholding in Valecha LM Toll Pvt Ltd (Madhya Pradesh) and Valecha Badwani Sendhwa Toll Ways Ltd (Gujarat) to New Generation Infrastructure.
Valecha Engineering has also received approval from its board to divest its shareholding in Valecha Infrastructure to the US firm.
In June quarter, Valecha Engineering reported negative figures and this will allow them to reduce debt.