Luthra, CAM on Essel acquisition of two KNR-Patel Engineering projects for 850 crore

Essel Group will acquire two road projects from a joint venture between Hyderabad-based KNR Constructions and Patel Engineering for an enterprise value of Rs 850 crore.

Deal Essel acquires two road projects from KNR-Patel Engineering
Value Rs. 850 crore
Deal Type M&A
Sector Infrastructure
Law Firms Luthra & Luthra – Essel Group; Cyril Amarchand Mangaldas – KNR, Patel Engineering
Partners/Heads Luthra & Luthra – Bikash Jhawar and Aditya Periwal; Cyril Amarchand Mangaldas – Ajay Sawhney

The two projects – Patel KNR Infrastructures Limited (PKIL) and Patel KNR Heavy Infrastructures Limited (PKHIL) – are operating annuity based National Highways awarded by National Highways Authority of India (NHAI) on a build, operate and transfer (BOT) basis.

Luthra & Luthra advised Essel Group on the deal, through a team led by Partners Bikash Jhawar and Aditya Periwal.

Cyril Amarchand Mangaldas acted for KNR and Patel Engineering through a team led by Partner Ajay Sawhney.

The deal was signed on November 12 and closing is expected to take place by March 31 next year.