Welspun Infra buys 50% stake in ARSS project

MUMBAI: Welspun Infratech, part of BK Goenka-led Welspun Group, has bought 50% in an Rs 400-crore project being developed by ARSS Infrastructure in Bhubaneshwar. ARSS' unit is developing a bus terminal in a 15 acre complex in the city. It plans to use surplus land at the terminal for building offices and shops later on.

"The transaction has been done in a transport infrastructure project of ARSS and we would like to keep it that way," group chairman BK Goenka said. "We have been looking at the infrastructure space closely and will scout for more such opportunities," he added.

Shares of ARSS have risen by about 29% in the past week, outperforming the broader index as investors rushed to buy on speculation of a Welspun investment. On Monday, the shares ended 0.7% down at 374.4. Welspun Corp, the listed flagship of the group, rose 2.45 to 123.8. The group recently announced the sale of stake in Welspun Corp to private equity major Apollo Global for about 2,250 crore.