Gammon India has sold nine Indian project companies of Gammon Infrastructure Projects to a subsidiary of US asset management giant Brookfield Asset Management for a cash value of around Rs 563 crore of cash, reported Mint.
Shardul Amarchand Mangaldas Mumbai
Agram Legal Consultants founding
According to Mint, Bookfield, which manages $200bn of assets, is buying the following assets in the transaction from debt-ridden Gammon: Andhra Expressway Ltd, Rajahmundry Expressway Ltd, Kosi Bridge Infrastructure Co Ltd, Gorakhpur Infrastructure Co Ltd, Mumbai Nasik Expressway Ltd, Vijayawada GunduGolanu Road Project Ltd, Pravara Renewable Energy Ltd, Sikkim Hydropower Ventures Ltd and Aparna Infraenergy India Pvt Ltd.
Gammon told stock exchanges that it would add Rs 563 crore to its bank balance in the deal, though whether Brookfield would assume some of Gammon’s debts wasn’t immediately apparent.
Brookfield is also considering several other investments into India, reported Mint yesterday.