Sadbhav Infrastructure Project Ltd (SIPL),a wholly-owned subsidiary of Sadbhav Engineering (Sadbhav),on Thursday said that it has received a Rs 400-crore order from Norwest Venture Partners and The Xander Group Inc to fund existing projects and bid for new projects.
Sadbhav Infra is an EPC player in the infrastructure sector and develops highways and road projects. The new capital will be used to fund existing road projects and bid for new road development projects in the national and state highway development programmes,as well as other infrastructure development projects,the company said. The company has constructed more than 1,200-km equivalent of four-lane highways; 785 km are under construction at
Sadbhav Infrastructure is Sadbhav’s holding company for all infrastructure development projects. SIPL has nine projects at a cost of Rs 7,800 crore.
Vishnubhai Patel,chairman,Sadhbhav and SIPL,says: We continue to see rapid growth in the road sector,which dominates the transport sector in India with 4.5% share of GDP.
The road sector has increasingly attracted the attention of private equity players. Around $75-billion will be invested in the road sector in India over four-five years,with an opportunity of $5 billion,being used in the next six to twelve months to upgrade and strengthen existing highways.
YES Bank was the sole strategic and financial advisor to SIPL and Sadbhav for this transaction; Wadia Ghandy acted as the legal advisor. Shearman & Sterling and J Sagar Associates were the joint legal advisors.