Shardul Amarchand Mangaldas & Co. advises Navayuga Group for sale of their stake in Navayuga Quazigund Expressway Private Limited to National Investment and Infrastructure Fund
July 26, 2022
Shardul Amarchand Mangaldas & Co. advised Navayuga Group for sale of their stake in Navayuga Quazigund Expressway Private Limited (“Company”) to National Investment and Infrastructure Fund (“NIIF”). The deal was signed on 7 July, 2022.
The Company is engaged in designing, rehabilitation, strengthening, four laning, operation and maintenance of the Quazigund to Banihal section of national highway number 44 in the union territory of Jammu and Kashmir from chainage 189.350 km to 205.618 km, including construction of two tunnels (two lanes) of 8.45 kms each, total length being 16.268 km, respectively, on design, build, finance, operate and transfer on annuity basis in the union territory of Jammu and Kashmir Pradesh in accordance with the concession granted by the National Highways Authority of India (“NHAI”).
The transaction involved transfer of 100% shareholding of the Company to NIIF, complying with the NHAI concession agreement. Additionally, the unsecured loans given by Navayuga Group to the Company were converted into non-convertible debentures and purchased by NIIF as a part of the same transaction. The deal is valued at around USD 380 million.
The transaction team was led by Deepto Roy, Partner; Abhishek Guha, Partner; Abhijit Mukherjee, Principal Associate; Shashank Prabhakar, Principal Associate, Rohit Rajagopal, Principal Associate, Rupal Panganti, Associate and Anjuli Hora, Associate.
Khaitan & Co. acted as legal adviser to NIIF.