Ashok Piramal Group, IDFC Project Equity Fund and Canada's SNC-Lavalin Group have entered into a joint venture agreement to develop road and highway projects in a public-private partnership across the country. They plan to commit $250-300 million in equity in the joint venture company Piramal Roads Infra over the next 3-5 years and fund road projects of $1 billion.
Ashok Piramal Group will hold 51 per cent equity in the JV, while IDFC Project Equity will hold another 39 per cent in it. SNC-Lavalin will hold the remaining 10 per cent. IDFC Project Equity, a subsidiary of IDFC, routed the transaction through its India Infrastructure Fund.
The privately-held Piramal Roads Infra is already an existing group company of the Ashok Piramal Group. It is currently developing a road proÂject in Madhya Pradesh. The JV will enable Ashok Piramal Group to diversify from its existing business.
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