Highway developer Ceigall India Ltd is planning to sell its five road projects under the hybrid annuity model (HAM) in a deal having an enterprise value of $540 million, two people aware of the development said.
Out of the five, work has started on two, while the other three are awaiting clearances. The company will sell the assets once work on all five is complete, the people cited above said on the condition of anonymity.
When contacted, Ceigall India managing director Ramneek Sehgal said the company is constantly evaluating opportunities and takes actions that are in the best interests of the company. He, however, refused to provide details.
Ceigall India has built 1,740 lane km of highways, flyovers, bridges, tunnels, expressways and runways. In October, Mint reported that an alternative investment fund of Neo Asset Management is close to buying Ceigall's stake in an operational four-lane Malout highway built under HAM at an enterprise value of ₹450 crore.
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