IVRCL enters share purchase agreement with Cube Highways

IVRCL has entered into a share purchase agreement with Cube Highways and Infrastructure Private Limited for the sale of its entire stake in two subsidiaries – Salem Tollways Limited (STL) and Kumarpalayam Tollways Limited (KTL). It expects to raise Rs 7.25 billion through the sale. KTL operates the 48.5 km stretch between Kumarapalayam and Chengapalli on NH-544 in Tamil Nadu (which commenced operations in 2009) under the build-operate-transfer (toll) mode. STL operates the 53.5 km stretch between Salem and Kumarapalayam on NH-544 in Tamil Nadu (which commenced operations in June 2010) under the same mode.