Shardul Amarchand Mangaldas advises Macquarie Asia Infrastructure Fund on the sale of its shareholding in two operational toll road projects to Adani Road Transport Limited.

August 5, 2022

Shardul Amarchand Mangaldas & Co. advised Macquarie Asia Infrastructure Fund (”MAIF”) on the sale of MAIF’s equity shareholding in two operational toll road projects to Adani Road Transport Limited (“Adani”). The road projects are situated at Andhra Pradesh and Gujarat, and are housed in Swarna Tollway Private Limited (“STPL”) and Gujarat Road and Infrastructure Company (“GRICL”) respectively. As part of the transaction, MAIF proposes to sell 100% of the shareholding of STPL and 56.80% of the shareholding of GRICL, subject to certain regulatory and other customary conditions. The transaction values the projects at a total enterprise value of approximately INR 3,110 crores.

The transaction team was led by Jay Gandhi, Partner; Abhishek Parekh, Partner; Akshath Vidyanath, Senior Associate and Samyukta Shetty, Associate.

JP Morgan acted as the investment banker on the deal. Allen & Overy LLP acted alongside Shardul Amarchand Mangaldas & Co. as the legal counsel to MAIF, while EY acted as the financial / tax advisor to MAIF.

Cyril Amarchand Mangaldas and White & Case LLP acted as the legal counsels to Adani and Grant Thornton acted as the financial / tax advisor to Adani.