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PTI Last Updated at 09 Aug 2018, 19:08 IST India

MEP Infrastructure Developers is

planning to sell its entire stake in six road projects to

Indian Highways Developers (IHD) for over Rs 450 crore.

It had signed a non-binding term sheet with IHD on

August 4 in respect of divestment of its total stake in its

six special purpose vehicles (SPV), MEP said in a release.

"A consideration of over Rs 450 crore will be received

from the sale of 100 per cent stake in the SPVs," it added.

The SPVs to be sold include MEP Nagpur Ring Road 1,

MEP Sanjose Nagpur Ring Road 2, MEP Sanjose Arawali Kante

Road, MEP Sanjose Kante Waked Road, MEP Sanjose Talaja Mahuva

Road and MEP Sanjose Mahuva Kagavadar Road.

The company hopes to complete the sale proceeds before

to March 31, 2020, in conformance with the provisions of the

respective concession agreements, it said.

Indian Highways Developers is a company set up in

Singapore with the objective of acquiring and operating of

transportation projects, the release said.

MEP Infrastructure Developers' shares ended 0.59 per

cent higher at Rs 59.65 apiece on the BSE today, against 0.36

per cent rise in the benchmark.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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