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Welspun Enterprises Ltd. on Thursday announced that its plan to acquire a Build-Operate-Transfer Toll project from Essel group's company Mukarba Chowk – Panipat Toll Roads Limited, subject to NHAI final approval.
This acquisition through a subsidiary ("Welspun Infrafacility Private Limited"), is being done by way of harmonious substitution which was recommended by the project lenders and subsequently approved by NHAI.
The original total project cost was estimated to be Rs 2,122 crore out of which Rs 1,593 crore is the balance to be incurred, to complete the project. All existing lenders to the project have agreed to continue supporting the project; thus, the project is fully financially tied up. The company expects to complete the project by June 2021.
The company's shares gained 2.83 per cent to Rs 50.95
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