Sadbhav Infrastructure Project Ltd (SIPL) raises about $82 mn in debt financing from Piramal group for road projects.
12th Nov,2018. RedNewswire/-
Sadbhav Infrastructure has 24 BOT/hybrid annuity projects under its control, of which 10 are fully operational, one is partially operational and others are under various stages of construction.
SIPL, a subsidiary of Sadbhav Engineering, is an asset holding company for Road and other infrastructure BOT/hybrid annuity projects. Listed Sadbhav Engineering Ltd holds about 69 per cent of SIPL.
Billionaire Ajay Piramal-led Piramal Group has signed a deal with SIPL to provide debt financing worth $82mn to complete the underlying road projects. Sadbhav Infra was earlier in discussions with global infrastructure as well as private equity firms to raise funds.
Piramal Group has sanctioned a term loan of Rs 600 crore($82mn) to the holding company of Sadbhav’s under construction hybrid annuity road projects. Facility has been extended as growth capital and disbursement is linked to progress of the underlying road projects, said a Piramal spokesperson
Previously, three companies, Italian road operator Atlantia SpA, Cube Highways and Canadian fund Caisse de depot et placement du Quebec (CDPQ) were separately in talks to acquire 35-40 per cent stake in SIPL for $350-400 million.