Kalpataru Projects International Limited has informed the Exchange about Diversification/Disinvestment
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Kalpataru Projects International Limited (KPIL) is updating the exchange on the sale of its 100% stake in Vindhyachal Expressway Private Limited, a wholly owned road-asset subsidiary, to Actis Atlantic Holdings Limited (a Mauritius-based Actis entity). The deal was originally signed on October 9, 2024 at an estimated enterprise value of ~Rs. 775 Crores, subject to closing adjustments. KPIL now confirms that all conditions precedent and approvals are complete, and the transaction is at an advanced stage of closing. The Long Stop Date has been extended, with completion now expected before January 31, 2026. Vindhyachal Expressway contributed only ~Rs. 85 Crores in revenue (~0.43% of consolidated) and had a net worth of ~Rs. 144.55 Crores (~2.81% of consolidated) in FY24.
The deal is close to closing and KPIL stands to receive ~Rs. 775 Crores, which can strengthen its balance sheet and free up capital for its core EPC business. Since the divested asset is very small relative to consolidated revenue, the impact on the company's overall financials will be limited.