Shardul Amarchand Mangaldas & Co. advises CDS Infra Projects Limited in sale of 100% Stake in Two Operational Road Assets to Neo Infrastructure Income Opportunities Fund (acting through its investment manager Neo Asset Management Private Limited)

March 28, 2025

Shardul Amarchand Mangaldas & Co. advised CDS Infra Projects Limited (“CDS Infra”) in relation to the sale of its 100% stake in two operational road assets under NHAI’s Hybrid Annuity Model to Neo Infrastructure Income Opportunities Fund, a SEBI registered Category II Alternative Investment Fund, acting through its investment manager Neo Asset Management Private Limited (“Neo”). The deal is valued at approximately INR 1,500 crore.

The transaction involves two Special Purpose Vehicles (SPVs) undertaking the construction of 4-lane greenfield HAM projects, which are part of the 669 km Delhi-Amritsar-Katra Expressway. These assets, located in Haryana and Punjab, are part of the expressway connecting Delhi to Katra (near Vaishno Devi) in Jammu & Kashmir, with a spur leading to Amritsar.

CDS Infra and Neo have entered into Securities Purchase Agreements for the entire share capital of the two road assets.

The transaction team was led by V R Neelakantan, Equity Partner; Samridha Neupane, Partner; Siddharth Jain, Associate; and Manmay Mridul, Associate.