Welspun Enterprises Ltd today said it has divested 37 per cent stake in its joint venture firm Dewas Bhopal Corridor Pvt Ltd for Rs 662 crore to the IDFC-sponsored fund, India Infrastructure Fund.
“Welspun Enterprises entered into a definitive agreement with India Infrastructure Fund, the IDFC-sponsored fund. As per the agreement, the company has sold 37 per cent equity stake in Dewas Bhopal Corridor Pvt Ltd (DBCL), a 50 per cent joint venture of the company, at an enterprise value of Rs 6.62 billion,” Welspun Enterprises said in a BSE filing.
The enterprise value of Rs 662 crore includes a contingent deferred consideration of Rs 34 crore and debt of Rs 317 crore.
It further said: “The company still owns 13 per cent equity stake in DBCL, which can be transferred in two years subject to approval of Madhya Pradesh Road Development Corporation Ltd.”