The Hindu Business Line : Gammon turns SPVs into subsidiaries

GAMMON India Ltd informed the stock exchanges on Tuesday that Andhra Expressway Ltd and Rajahmundry Expressway Ltd, the special purpose vehicle (SPV) companies promoted by it in joint venture with Punj Lloyd Ltd, have now become the subsidiaries of the company.

Both had promoted Andhra Expressway for the implementation of Dharmavaram-Tuni road project on BOT basis estimated at an outlay of Rs 212-crore, and Rajahmundry Expressway for the implementation of Rajahmundry-Dharmavaram road project estimated at Rs 219 crore in Andhra Pradesh.

Gammon India has informed the stock exchanges that the company along with its wholly owned subsidiary, Gammon Infrastructure Projects Ltd, has acquired certain holding in the said SPVs from Punj Lloyd. Consequently, Andhra Expressway and Rajahmundry Expressway have become its subsidiaries with effect from February 7, it said.

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