NCC Limited and Gayatri Projects to offload entire stake in Western UP Tollway

NCC Limited, along with Gayatri Projects Limited (GPL) and GPL’s subsidiary Gayatri Infra Ventures Limited (GIVL), has executed a definitive SPA to divest 100 per cent stake in Western UP Tollway Limited (WUPTL) to Cube Highways and Infrastructure PTE Limited. The NCC Group holds 51 per cent and GIVL 49 per cent in WUPTL. The transaction will take place for an enterprise value of Rs 5.75 billion and is subject to certain closing adjustments. The transaction is expected to be completed within two months of achieving the precedent conditions agreed between the parties. During 2014-15, the turnover and net worth of WUPTL in the consolidated accounts of NCC stood at Rs 1.08 billion (1.12 per cent) and Rs 1.2 billion (3.55 per cent) respectively. WUPTL is a special purpose vehicle promoted to implement the Meerut-Muzaffarnagar project in Uttar Pradesh under the National Highways Development Programme.

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