Hochtief May Acquire Majority Stake In Coastal Projects
by Irfan Khan
Germany based Hochtief AG may acquire a majority stake in Coastal Projects Ltd providing an exit to Baring PE, Sequoia Capital, Fidelity and Deutsche Bank. The three investors hold around 32% stake in the company.
According to ToI, this transaction may value the AP based construction services firm at around $500Mn and Edelweiss Capital is believed to be advising on the transaction.
Founded in 1995, Hyderabad-based Coastal projects, a civil engineering and construction firm, specialises in tunneling and underground excavation for hydro-electric, irrigation, rail, road and mining projects.
It has offices in Hyderabad, Delhi, Bangalore, Chennai and Colombo and work sites are located across the country.
It has completed 75 km of tunnelling work and at present has 250 km under execution. It is executing Border Fencing Work on both eastern and western borders of India.
Hyderabad-based CVR Group unit Navayuga Power may sell stake in its power assets to Toshiba, Sumitomo, Mitsubishi & GDF Suez. The deal Value expected to be in between INR 13,800 to 14,400 Mn for equity stake 49 to 51%.
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