Shardul Amarchand Mangaldas advises Macquarie Asia Infrastructure Fund on the sale of its shareholding in two operational toll road projects to Adani Road Transport Limited.
August 5, 2022
Shardul Amarchand Mangaldas & Co. advised Macquarie Asia Infrastructure Fund (”MAIF”) on the sale of MAIF’s equity shareholding in two operational toll road projects to Adani Road Transport Limited (“Adani”). The road projects are situated at Andhra Pradesh and Gujarat, and are housed in Swarna Tollway Private Limited (“STPL”) and Gujarat Road and Infrastructure Company (“GRICL”) respectively. As part of the transaction, MAIF proposes to sell 100% of the shareholding of STPL and 56.80% of the shareholding of GRICL, subject to certain regulatory and other customary conditions. The transaction values the projects at a total enterprise value of approximately INR 3,110 crores.
The transaction team was led by Jay Gandhi, Partner; Abhishek Parekh, Partner; Akshath Vidyanath, Senior Associate and Samyukta Shetty, Associate.
JP Morgan acted as the investment banker on the deal. Allen & Overy LLP acted alongside Shardul Amarchand Mangaldas & Co. as the legal counsel to MAIF, while EY acted as the financial / tax advisor to MAIF.
Cyril Amarchand Mangaldas and White & Case LLP acted as the legal counsels to Adani and Grant Thornton acted as the financial / tax advisor to Adani.
The Bar Council of India does not permit solicitation of work and advertising by legal practitioners and advocates. By accessing the Shardul Amarchand Mangaldas & Co. website (our website), the user acknowledges that:
The user wishes to gain more information about us for his/her information and use. He/She also acknowledges that there has been no attempt by us to advertise or solicit work.
Any information obtained or downloaded by the user from our website does not lead to the creation of the client – attorney relationship between the Firm and the user.
None of the information contained in our website amounts to any form of legal opinion or legal advice.
All information contained in our website is the intellectual property of the Firm.