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.

Barings, Sequoia Capital, Fidelity and Deutsche Bank had bought about 16% in the company for about R160Cr in March 2008 and then in Jan'10, all four invested another R250Cr, doubling their combined stake to 32%.

Last year, Coastal Projects acquired 26% stake in Italy-based Societa Esecuzione Lavori Idraulici S.p.A (SELI) for around Rs108Cr.

Hochtief AG is a construction company based out of Essen, North Rhine-Westphalia, Germany. It employs more than 70,000 employees across five corporate divisions. One of these, Hochtief Concessions, is a major airport operator. The others are involved with construction project planning, finance, construction and operation.

It is present in US through its Turner Corporation subsidiary, and in Australia through the Leighton Group. Leighton Group is present in India through Leighton Welspun Contractors Pvt. Ltd.

Previous Article

Heckyl Raises $1Mn From Seedfund

Next Article

Mitsubishi-Hitachi Buys Concast India

All Comments

Readers' Recommendations

Post a Comment

Display Name		E-mail
Comment
Comments are moderated and generally will be posted if they are on-topic and not abusive.