Gammon Infrastructure Projects Ltd (GIPL) has said that it will buy out Sadbhav Engineering´s 20 per cent stake in the Mumbai-Nasik Expressway for Rs 72 crore. ´An authorised committee of the Board of Directors of the Company has approved the buyout of 20 per cent equity stake (1,03,99,500 equity shares of Rs 10 each) held by Sadbhav Engineering from Mumbai Nasik Expressway Ltd at a cumulative price of Rs 72 crore,´ GIPL said in a filing to the BSE.
However, the deal will be subject to ´requisite approvals´, GIPL, which is an infrastructure project development company promoted by Gammon India Limited, to participate in the development of infrastructure projects on a PPP basis, said in a statement.
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