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||24 January 2010
Malaysian firm to take majority stake in Indian highway firm
Malaysia’s PLUS Expressways Bhd is proposing to acquire a majority stake in an Indian company, Indu Navayuga Infra Project Pvt Ltd, which has a concession to widen and maintain an existing highway in Tamil Nadu, reported Malaysia business daily the StarBiz.
PLUS told Bursa Malaysia, the country’s bourse, the acquisition involved up to a 74
percent stake in Indu Navayuga Infra. PLUS said the shareholders of Indu Navayuga would hand over a 49 percent stake of the company on the “commercial operation date” for 57.3 million ringgit (1$=3.4 ringgit).
It added that on the third anniversary of the commercial operation date of the highway, the existing shareholders would transfer another 25 percent stake for a purchase consideration of 16.7million ringgit.
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