Edelweiss Infrastructure Yield Plus, an infrastructure fund managed by Edelweiss Alternative Asset Advisors, announced that it has acquired two road assets of Navayuga Group for $150 million.
Sekura Roads, the road platform of Edelweiss Infra, has acquired two annuity road assets – Navayuga Dhola Infra Projects Limited (Assam) and Navayuga Dibang Infra Projects Private Limited (Arunachal Pradesh), the company said.
These assets have been acquired from Navayuga Road Projects Private Limited (NRPPL), a subsidiary of Navayuga Engineering Company Limited (NECL).
“The acquisition is in line with our strategy of investing in Infrastructure assets which can deliver predictable long-term yield to our investors. We now have a healthy portfolio of operating transmission and operating annuity road assets,” said Subahoo Chordia, Head of Edelweiss Infrastructure Yield Plus.
With the government’s thrust on boosting economic activity in North Eastern India, the Dhola and Dibang roads are of strategic importance because they ensure all-weather connectivity between North East and Rest of India. The Dhola bridge – the country’s longest river bridge, inaugurated by Prime Minister Narendra Modi in 2018 has opened new doors for economic development to both the states of Assam and Arunachal Pradesh, said the statement.
“Navayuga group is looking to de-leverage its balance sheet and asset monetization is a critical component. This transaction will significantly ease out the debt position of the group and help free up cash,” said Sachin Bhansali, CFO, Navayuga group.
Recently in January, Edelweiss Infrastructure Yield Plus acquired 74% stake in French gas and power utility Engie’s solar assets in India. Edelweiss Infrastructure Yield Plus is the largest yield focused infrastructure AIF in India. The fund holds assets worth $1.4 billion through its platforms – Sekura Roads and Sekura Energy.
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