Kalpataru Projects International Limited has announced the sale of its entire 100% stake in Vindhyachal Expressway Private Limited, a wholly owned subsidiary, to Actis Atlantic Holdings Limited. The transaction, valued at an estimated ₹775 crore, is subject to requisite approvals and compliance with conditions precedent.
In a disclosure to the Bombay Stock Exchange and the National Stock Exchange of India, Kalpataru Projects detailed that the definitive agreement was signed on October 9, 2024. The completion of the sale is expected within 15 months from the date of the agreement, contingent upon receiving the necessary approvals.
Vindhyachal Expressway contributed approximately ₹85.07 crore to Kalpataru Projects’ revenue for the financial year ending March 31, 2024, which represents about 0.43% of the company’s consolidated revenue. The net worth contribution was around ₹144.55 crore, or 2.81% of the consolidated net worth as of March 31, 2024.
Actis Atlantic Holdings Limited, a Mauritius-based company, does not belong to the promoter or promoter group of Kalpataru Projects. The transaction does not fall under related party transactions and is being conducted at arm’s length.
Kalpataru Projects International Limited, known for its extensive experience in infrastructure development, sees this disinvestment as a strategic move to streamline its operations and focus on core business areas. The sale is expected to strengthen the company’s balance sheet and provide capital for future growth initiatives.
