NCC, Soma to exit BETL

NCC, Soma to exit BETL

 NCC Infrastructure Holdings and Soma Enterprise have decided to sell their respective shareholding in the Bangalore Elevated Tollway (BETL) to IDFC Alternatives for an enterprise value of nearly Rs 750 crore.

“As part of its strategic initiatives to divest the road BOT projects, NCC Infrastructure Holdings (NCCIHL), a subsidiary of NCC, along with Soma Enterprise, has executed a share purchase agreement on February 22, 2016 with India Infrastructure Fund II, which is managed by IDFC Alternatives to sell their respective shareholdings in BETL,” NCC said in a release.

The transaction is taking place at an enterprise value of approximately Rs 750 crore, and is expected to be completed on achieving the conditions precedent agreed between the parties (including approvals and other closing conditions and formalities).

For the financial year 2014-15, the turnover and networth contribution of BETL in the consolidated accounts of NCC stood at Rs 28.42 crore (2.95 per cent) and Rs 40.93 crore (1.2 per cent) respectively, NCC added.

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