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| Exchange Disseminated Time | With reference to the earlier announcement dated January 28, 2015, Sadbhav Engineering Ltd has now informed BSE that the Company, Sadbhav Infrastructure Project Limited ("SIPL") (subsidiary of the Company) (collectively "Sadbhav") and Gammon Infrastructure Projects Limited ("GIPL") have executed a binding term sheet (the "Term Sheet") whereby Sadbhav has agreed to sell 1,03,99,500 equity shares of Rs. 10 each held in Mumbai Nasik Expressway Limited ("MNEL") constituting 19.99% of share capital of MNEL to GIPL for an aggregate consideration of Rs. 72 crores. In terms of the Term Sheet, the Company is in the process of transferring its shares in MNEL to SIPL. Definitive agreements are proposed to be executed in this regard.
MNEL is the special purpose vehicle to improve, operate and maintain the stretch from Vadape to Gonde section of National Highway 3 in the State of Maharashtra. |
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