White & Case advises Adani Road Transport on acquisition of Gujarat Road and Infrastructure Company and Swarna Tollway Private Limited

Press Release
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Global law firm White & Case has advised Adani Road Transport Ltd (ARTL), a wholly-owned subsidiary of the NSE India-listed Adani Enterprises Ltd, on the English law aspects of its acquisition of a 56.8 percent stake in Gujarat Road and Infrastructure Company Ltd (GRICL) and a 100 percent stake in Swarna Tollway Private Ltd (STPL) from two Macquarie-sponsored infrastructure funds at an aggregate enterprise value of approximately INR 3110 Crores (US$320 million). 

GRICL and STPL together own a substantial toll road portfolio in the Indian States of Andhra Pradesh and Gujarat, the acquisition of which will materially enhance the existing portfolio of ARTL's highway business. 

The Adani Group, a global conglomerate head-quartered in Ahmedabad, incorporated ARTL as an incubating business focused on the development, construction, operations and management of roads and highway projects in India. It currently operates in ten States in India with more than INR41,000 Crores (US$5bn) of projects under management.

The transaction is expected to close in September 2022, subject to regulatory approvals and customary conditions.

The White & Case team which advised on the transaction was led by partner David Lewis (London) and included partner Sayak Maity (Singapore) and associates Richard Wilson and Prithvij Beniwal (both London). Cyril Amarchand Mangaldas advised on the Indian law aspects of the deal.

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