IVRCL Limited, the Hyderabad-based infrastructure company on 29 March 2013 announced that it signed definite agreements with TRIL Roads Private Limited, the TATA Group Company as a part of its strategic business plan for monetizing its BOT (Build, Operate and Transfer) assets. IVRCL divested the stakes in three road projects namely- IVRCL Chengapally Tollways Limited (ICTL), Salem Tollways Limited (STL) and Kumarapalayam Tollways Limited (KTL), in Tamil Nadu to TRIL Roads Private Limited.
Though the value of this deal was not disclosed, but it is estimated to be around 2200 crore Rupees. IVRCL Limited on 1 April 2013 announced that the overall deal consideration would be realised once some agreement-related conditions were agreed upon and approvals from NHAI and lenders were granted.
The Salem Tollways Limited (STL) is operating 53-km of NH-47 which extends from Salem to Kumarapalayam in Tamil Nadu, under the concession agreement which was signed with the National Highways Authority of India (NHAI). This project kicked off its commercial operations in June 2010.
Kumarapalayam Tollways Limited (KTL) is operating 47 km of NH-47 from Kumarapalayam to Chengapalli in Tamil Nadu. The project started its commercial operations in August 2009.
IVRCL Chengapally Tollways Limited (ICTL) is operating 54.83 km of NH-47 from Chengapalli-Coimbatore-Walayar highway in Tamil Nadu. The project would kick off the commercial operations in first six months of 2014 financial year.
IVRCL announced that it planned to divest other three highways as well as water projects out of a total of nine BOT projects. IVRCL operates in areas of power transmission, transportation, industrial structures, environment and water as well as buildings.