APG, IIF and SNC-Lavalin to develop road projects
PTI | 06:11 PM,Nov 29,2011Muimbai, Nov 29 (PTI) Ashok Piramal Group (APG), India Infrastructure Fund (IIF) and Canada's SNC-Lavalin have entered into a tripartite arrangement to develop road projects in India through a joint venture company, Piramal Roads Infra Private Limited (PRIL). PRIL is a group company of APG and IIF is managed by IDFC Project Equity Company Ltd, a subsidiary company of IDFC Limited. PRIL was formed by APG as part of the group's initiative to pursue opportunities in the infrastructure sector. It is currently developing a road project in Madhya Pradesh, a company statement said here. IIF is one of India's largest private sector infrastructure equity providers with an existing portfolio of seven road assets, along with its other investments in energy, ports and urban infrastructure sector. SNC-Lavalin is among the world's largest engineering and construction groups and has been active in the infrastructure sector in India for more than a half century. PRIL will have 51 per cent equity interest in this joint venture, IIF 39 percent and SNC-Lavalin 10 percent, the release said. Commenting on the JV, Ashok Piramal Group's Vice Chairman Rajeev Piramal said, "The Group is focusing on growth and looking to diversify from its existing business. Infrastructure sector is offering enormous opportunities and the roads and highways sector particularly suits our capabilities and appetite well. The growth in this space is just beginning and the regulations and processes are well set. Our goal is to be among the leading infrastructure players in India by 2015." Ernst & Young acted as Transaction Advisors to APG for this transaction.
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