J.P. Morgan Asset Management has invested around $110 million (approximately Rs. 500 crore) to acquire a minority stake in Hyderabad-based Soma Group which undertakes Build Operate Transfer (BOT) and similar projects in the highways and road sector.
SRGR Law Offices advised Soma with a team led by Partner Rajan D Gupta along with Senior Associate Akshat Pande and Associate Nidhi Gulati.
The Mumbai office of Amarchand & Mangaldas advised JP Morgan with a team led by Partners Ashwath Rau and Jaya Singhania.
Speaking to Bar & Bench Partner Rajan Gupta said, “The deal poses to be one of the biggest private equity investments in road sector and re-establishes foreign investors’ faith in the immense opportunities in the Indian transportation sector”.
The company is already engaged in executing nine national highway projects through various Special Purpose Vehicles (SPVs). The investment in the company is being done in two tranches.
The company has already worked on over 20 highways in the last 12 years.