Gammon Infrastructure Projects (GIPL) has decided to divest its entire shareholding in nine projects to BIF India Holdings, jointly held by funds managed by Brookfield Asset Management and its affiliates, and Core Infrastructure India Fund.
The aggregate cash inflows for GIPL, on account of divestment, would be approximately Rs 536 crores subject to closing adjustments, GIPL said.
The company further said that additional cash inflow of up to Rs 100 crore may be realised by GIPL on crystallisation of certain milestones in the future.
The project companies in which the stakes will be sold include Aparna Infraenergy India, Sikkim Hydro Power Ventures, Pravara Renewable Energy, Andhra Expressway, Rajahmundry Expressway, Kosi Bridge Infrastructure Company, Gorakhpur Infrastructure Company, Mumbai Nasik Expressway and Vijaywada Gundugolanu Road Project, the company said.
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