Gayatri Highways today said it will acquire a 48.97% stake in HKR Roadways for Rs 120.5 crore ($16.2 million).
HKR Roadways agreed to allot 12 lakh fully paid-up cumulative redeemable preference shares, Gayatri Highways said in a filing.
Founded in 2010, HKR Roadways operates as a special purpose company. It works on design, construction, development, finance, operation and maintenance services.
Its revenue was Rs 187.4 crore for the full year of 2020.
In another deal in the sector earlier this month, Bharat Road Network signed an agreement with Singapore-based Cube Highways and Infrastructure, a portfolio company of I Squared Capital, for ownership transfer in an operating toll road project in Uttar Pradesh.
The broader infrastructure sector pumped up M&As by 50% in January-March taking the aggregate deal value past $8 billion, with one in two deals on the top transactions table coming from the segment alone.
In the January-March quarter, Total topped the chart by paying $2.5 billion (Rs 18,320 crore) for a share in Adani Green Energy and its solar power assets, in what the French company said was its biggest investment yet in renewables.
