SEW Infra sells majority stake in road asset to Uniquest Infra

HYDERABAD: Hyderabad-based infrastructure firm SEW Infrastructure has on Wednesday announced selling majority stake in one of its road assets that was taken up in joint venture with another city-based infrastructure firm Navayuga Engineering Company.

SEW Infra said it has agreed to sell “significant majority stake” in the road project in favour of Uniquest Infra Ventures Private Ltd and a definitive agreement was signed.

The road asset – SEW Navayuga Barwani Tollways, with its road project on the National Highway 3 in the borders of Madhya Pradesh and Maharashtra, had commenced operations in April 2011. The project was awarded to the company by the National Highways Authority of India (NHAI).

However, SEW Infra did not disclose the quantity of equity stake that it has agreed to sell in favour of Uniquest Infra nor the proceeds it would receive in lieu of divesting majority stake.

In a statement, SEW Infra director S. Anil Kumar said, “The proceeds of the divestment would assist in improving liquidity and strengthen the overall financial position of the company.”