ITNL sells stake in APEL to Cube Highways

IL&FS Transportation Networks Limited (ITNL) has sold its entire stake in Andhra Pradesh Expressway Limited (APEL) to Cube Highways and Infrastructure Private Limited for Rs 14 billion. APEL is an SPV incorporated in November 2005 by the ITNL Group for undertaking the four-laning of the existing 74.65 km two-lane section of National Highway (NH)-7 between Kothakota and Kurnool on a build-operate-transfer (annuity) basis. The concession agreement was signed between APEL and NHAI on March 20, 2006 and the concession is valid for a period of 30 years from the appointed date.