MUMBAI: The Nationwide Funding and Infrastructure Fund (NIIF) on Monday mentioned it has acquired Navayuga Quazigund Expressway Non-public Ltd. (NQEPL), an operational tunnel street within the union territory of Jammu and Kashmir, by way of the NIIF Grasp Fund at an enterprise worth of round $380 million.
The tunnel street might be managed by NIIF Grasp Fund’s proprietary roads platform Athaang Infrastructure. This acquisition expands the fund’s street portfolio and diversifies its asset base, the investor mentioned in a press release.
NQEPL is without doubt one of the largest annuity tasks awarded by the Nationwide Highways Authority of India (NHAI) on a BOT (build-operate-transfer) foundation. This challenge receives fastened, semi-annual funds from NHAI, offering secure and predictable money flows, as per the assertion.
“This acquisition emphasises our give attention to figuring out basically sturdy belongings that provide long-term worth creation. Operations and upkeep (O & M) of this asset requires specialised technical and administration experience and is a testomony to the power of Athaang Infrastructure. Leveraging the group’s sturdy underwriting capabilities and a well-structured funding method, we are going to proceed to construct the NIIF Grasp Fund street portfolio with an environment friendly number of high-quality belongings and superior O & M practices,” mentioned Vinod Giri, managing associate, NIIF Grasp Fund.
The four-laned 16.3 km expressway between Quazigund and Banihal Part of NH-1A, features a bi-directional 8.5 km steady twin-tube tunnel stretch, one of many longest freeway tunnels in India. The street supplies an important hyperlink between the 2 vital cities within the area, Jammu and Srinagar, enabling seamless motion of visitors and items, with enhanced inter-region connectivity. The street facilitates visitors motion in all climate situations all year long and reduces important journey time between the 2 cities.
“India is residence to the world’s second-largest street community. The rising variety of passengers and autos together with the necessity to additional deepen connectivity within the nation has propelled demand to widen the nation’s street community. This has generated important funding alternatives in strategic belongings with sturdy fundamentals,” added Giri.
NIIF Grasp Fund additionally holds the six-laned Devanahalli Tollway in Bengaluru and the four-laned Dichpally Tollway in Telangana. The fund is in varied levels of buying a number of different strategic street belongings. Along with the street sector platform, NIIF Grasp Fund has additionally anchored platforms in ports and logistics, renewables, knowledge centres, and vitality sensible meters sectors.
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