IL&FS Transportation Networks (ITNL), an integrated platform for highway development, has completed sale of its stake of 35 per cent in Warora Chandrapur Ballarpur Toll Road Ltd (WCBTRL) to joint venture partner Vishwaraj Infrastructure.
The transaction was done at ₹12.25 crore. Vishwaraj Infrastructure owns 55 per cent in the target company. IL&FS Transportation Networks claims to have received all the necessary approvals for the deal including the approval from the National Company Law Tribunal.
“We hereby inform that upon completion of the necessary actions as required pursuant to the conditions of the share purchase agreement, the company has transferred on February 2, 2022, the entire equity investment held by the company representing 35 per cent in WCBTRL to Vishvaraj Infrastructure,” ITNL said in a statement.
WCBTRL built a four-lane highway 257.88 km project connecting Warora, Chandrapur and Ballarpur in Maharashtra. Built at a cost of ₹638 crore, the special purpose vehicle has a concession period of 30 years which ends in January 2041.