NIIF acquires J&K highway project for $290 million after Shapoorji Pallonji Group exits

National Investment and Infrastructure Fund Ltd has announced the acquisition of a 100% equity stake in the Shapoorji Pallonji Group’s SP Jammu Udhampur Highway Ltd through the NIIF Master Fund at an enterprise value of over $290 million.. NIIF is a collaborative investment platform for international and Indian investors, anchored by the Government of India, which manages funds with investments in different asset classes and diversified sectors. The acquisition reinforces our team’s strong underwriting capabilities in successfully closing a complex transaction involving simultaneous equity closure and refinancing of listed Non-Convertible Debentures,” said Vinod Giri, managing partner, NIIF Master Fund. Jai Mavani, Group executive director says, “The Jammu Udhampur divestment is another milestone in SP Group’s continuing journey of successfully developing, value engineering and monetising strategic projects. This transaction also results in an effective reduction of approximately Rs 1,850 crore of consolidated Group debt besides unlocking of equity.” The 64.5 km long 4-lane Jammu Udhampur Highway is of strategic national interest in India and enhances connectivity to Shri Mata Vaishno Devi Shrine.