Dilip Buildcon to sell 24 SPVS to Shrem Group for ₹1,600 cr

NEW DELHI: Construction firm Dilip Buildcon on Thursday said it has entered into a pact with Chhatwal Group Trust (Shrem Group) to sell its 24 subsidiaries, having a total project value of Rs 10,500 crore.

The highways builder is expected to get Rs 1,600 crore through the transaction.

The company has signed a "term sheet with Chhatwal Group Trust (Shrem Group) for divestment by way of sale, transfer or disposal of 24 subsidiaries of the company with a total project value of Rs 10,500 crore (approx)," it said.

The company said the agreement for divestment of SPVS was signed on Thursday. It said the sale is for 14 operational projects, 4 under construction projects and 6 HAM (hybrid, annuity, mode) projects, which are at different stages of under construction and pre construction. The company, on June 30, 2017, had said it has already invested (in the form of equity & sub debt) an amount of Rs 453.72 crore in 14 operational projects, while an amount of Rs 12.57 crore is yet to be invested in these projects.

Similarly, the builder has invested Rs 221.91 crore in 4 under construction projects, while an amount of Rs 95.96 crore is yet to be invested in these projects.

Finally, the company has invested Rs 6.36 crore in 6 HAM projects, while an amount of Rs 733.08 crore is yet to be invested in these projects.