IL&FS buys Andhra Pradesh Expressway for Rs 140 cr

lsfsIL&FS Transportation Networks said it bought the entire equity stake of Singapore-based Cube Highways & Infrastructure Pvt. Ltd in Andhra Pradesh Expressway Limited (APEL)  for 140.37 cr.

The completion of transaction and receipt of consideration is possible after fulfilling the conditions and approval from all concerned authorities and creditors of APEL, the construction and transportation company said.

The transaction does not fall under the related party transactions nor is APEL a material subsidiary of the company, it added.

Infrastructure Leasing & Financial Services Limited (IL&FS) is one of India’s leading infrastructure development and finance companies

IL&FS Transportation Networks Limited (IL&FS Transportation) was formed in the year 2000 as a wholly owned subsidiary of Infrastructure Leasing and Financial Services Limited (IL&FS).

Cube Highways is backed by I Squared Capital (ISQ) and International Finance Corporation (IFC), the private investment arm of the World Bank. Cube Highways operates high quality transportation infrastructure businesses in India.