Bharat Road Network Ltd (BRNL), an arm of Kolkata-headquartered Srei Group, on Thursday acquired the remaining 51 per cent stake in Guruvayoor Infrastructure Private Ltd (GIPL) from KMC Infratech Road Holdings Ltd for a total consideration of Rs 97 crore. Once regulatory approvals are in place, BRNL will hold 100 per cent stake in the KMC Constructions group company.
GIPL is the concession company engaged in design, construction, finance, operations and maintenance of 259.76 lane km of Thrissur-Angamali section of NH47 in Kerala. The latest move will give BRNL access to Rs 100 crore of free cash flow in the project, top company officials said. Interestingly, while making its IPO in September, BRNL had outlined its plans of growing through acquisitions.
BRNL, a road BOT firm, is involved in the development, operation and maintenance of national and state highways in states like UP, Kerala, Haryana, MP, Maharashtra and Orissa through partnerships with local EPC players.
BRNL reported a stand-alone PAT of Rs 7.87 crore for the September quarter, up from Rs 7.6 lakh a year ago. Standalone revenue went up from Rs 3.87 crore to Rs 14.61 crore.
ritwikmukherjee @mydigitalfc.com
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