IL&FS Transportation Networks Ltd, a subsidiary of IL&FS that develops and manages toll roads, has hiked its stake in Srinagar Sonmarg Tunnelway Ltd to 49 per cent from 14.5 per cent, the company said in a stock market disclosure. The deal value is not disclosed.
Srinagar Sonmarg Tunnelway, promoted by highway developer Soma Enterprise Ltd (Soma), is the company undertaking construction, operation and maintenance of Z-Morh Tunnel including approaches on National Highway No 1 (Srinagar - Sonmarg - Gumri Road). The project in the state of Jammu & Kashmir is on a design, build, finance, operate and transfer (DBFOT) annuity basis.
IL&FS Transportation Networks has been involved in the development, operation and maintenance of national and state highways, roads (including urban roads), flyovers and bridges in Andhra Pradesh, Delhi, Gujarat, Maharashtra, Karnataka, Uttar Pradesh, Kerala, Jharkhand and Rajasthan. It got listed in March 2010.
Its private equity investors include Standard Chartered IL&FS Asia Infrastructure Growth Fund and Bessemer Venture Partners. The firm also counts Norwegian sovereign wealth fund Government Pension Fund Global as a shareholder.
(Edited by Joby Puthuparampil Johnson)