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Ashok Piramal Group ties up with IDFC Project for $300 mln road projects

, November 29, 2011, 0 Comments

New Delhi, November 29, 2011 : The Ashok Piramal Group on Tuesday announced that it had entered into an agreement with IDFC Project Equity and Canada’s SNC-Lavalin to invest $300 million to develop roads under the public-private partnership model(PPP).

Foreign Investment Promotion Board (FIPB) clearance would also be required for this joint venture as the Canadian firm would be having a 10 per cent stake in the venture.

The joint venture company, ‘Piramal Roads & Infra Pvt. Ltd.’,in which 51 per cent would be held by the Ashok Piramal Group and 39 per cent would be with India Infrastructure Fund (IIF), managed by IDFC Project Equity. The funds would be utilised over five years.