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Gammon Infra going to divest nine projects to BIF Holdings

Gammon Infrastructure said on Friday that it will be divesting nine of its project companies to BIF India Holdings.

It said in a BSE filing that “The company’s step down subsidiary Gammon Infrastructure Projects Ltd (GIPL) has on Friday signed a share purchase agreement divesting nine of its project companies (six road and 3 power) to BIF India Holding Pte jointly held by Brookfield Asset Management and its affiliates and Core Infrastructure India Fund Pte Ltd.”

“Aggregate cash inflows for GIPL on the account of divestment would be approx Rs 563 crore subject to closing adjustments and an additional cash inflow of up to Rs 100 crore may be realised by GIPL upon crystallisation of certain milestones in future,” it added.

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