Madhucon Group sells majority stake in road project to Cube Highways

The Madhucon Group has completed the strategic sale of its majority stake (74 per cent) in Madhucon Agra-Jaipur Expressways Limited to Cube Highways and Infrastructure Private Limited. In October 2015, Madhucon had entered into an agreement to sell the Agra-Jaipur road project to Cube Highways and Infrastructure Private Limited, promoted by I Squared Capital. The deal, which involves a 100 per cent equity sale, is estimated to be worth Rs 2.48 billion, and was concluded on March 20, 2016. Divestment of the stake will assist the Madhucon Group to pare its debt by Rs 2.12 billion. Madhucon Agra-Jaipur Expressways Limited is the special purpose vehicle operating the build-operate-transfer project between Bharatpur and Mahua, connecting the two key tourist corridors of Agra and Jaipur. The project began commercial operations in May 2009 and has a concession period of 25 years.