Shapoorji Pallonji Group sells entire stake in Jammu highway project to NIIF for $290 million

Highway

The Shapoorji Pallonji Group on Tuesday announced the divestment of its entire shareholding in SP Jammu Udhampur Highway Ltd to the National Investment and Infrastructure Fund (NIIF) for USD 290 million (about Rs 2,200 crore).

The group in a statement said SP Jammu Udhampur is the developer for the Jammu-Udhampur highway project under a concession from the National Highways Authority of India on a build-operate-transfer (annuity) basis.

According to the statement, the 64.5-km long 4-lane Jammu Udhampur Highway is of strategic national interest in India and enhances connectivity to Shri Mata Vaishno Devi Shrine.

It said the Jammu-Udhampur Highway was also one of the first projects in the highway sector to raise significant US dollar external commercial borrowings during the construction phase and subsequently re-financing the same through listed non-convertible debentures.

National Investment and Infrastructure Fund (NIIF) is a collaborative investment platform for international and Indian investors, anchored by the Government of India, which manages funds with investments in different asset classes and diversified sectors.

NIIF in a separate statement the operational road in the union territory of Jammu and Kashmir (J&K) will be managed by NIIF Master Fund's proprietary roads platform Athaang Infrastructure. Shapoorji Pallonji Infrastructure Capital Company Pvt. Ltd is a leading infrastructure development company, primarily focused on the power, roads, and port sectors.