SP Group sells entire stake in Jammu highway project to NIIF
- Country:
- India
The Shapoorji Pallonji Group on Tuesday announced the divestment of its entire shareholding in SP Jammu Udhampur Highway Ltd to the National Investment and Infrastructure Fund (NIIF) for an undisclosed amount.
The group in a statement said SP Jammu Udhampur is the developer for the Jammu-Udhampur highway project under a concession from the National Highways Authority of India on a build-operate-transfer (annuity) basis.
According to the statement, the 64.5-km long 4-lane Jammu Udhampur Highway is of strategic national interest in India and enhances connectivity to Shri Mata Vaishno Devi Shrine.
It said the Jammu-Udhampur Highway was also one of the first projects in the highway sector to raise significant US dollar external commercial borrowings during the construction phase and subsequently re-financing the same through listed non-convertible debentures.
National Investment and Infrastructure Fund (NIIF) is a collaborative investment platform for international and Indian investors, anchored by the Government of India, which manages funds with investments in different asset classes and diversified sectors.
Shapoorji Pallonji Infrastructure Capital Company Pvt. Ltd is a leading infrastructure development company, primarily focused on the power, roads, and port sectors.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
ALSO READ
Indian Navy hands over nine pirates to Mumbai Police
Tech Visionary, Venkata Mudumbai was honored with the International Achievers Award by the Indian Achievers’ Forum
'Modi ki guarantee' for Indian citizens residing abroad: EAM Jaishankar
No 'Shri' to be prefixed before names of Indian Coast Guard, defence forces officers: President Secretariat in RTI reply
Rajnath Singh releases Indian Army UN Journal -2024 theme of ‘Resilience and Adaptability’