Sadbhav Infrastructure Project, subsidiary of Sadbhav Engineering has signed memorandum of understanding (MoU) to acquire stake in joint venture (JV) from Patel Infrastructure. Sadbhav will buy 20% stake in Ahmedabad Ring Road (ARRIL) from Patel Infrastructure. 

Upon completion of proposed acquisition, the company will hold 100% stake in ARRIL.

Earlier, the company had signed definitive agreement to acquire stake in the two special purpose vehicles from joint venture (JV) partner GKC Projects.

Shares of the company gained Rs 6.7, or 2.79%, to trade at Rs 247.10. The total volume of shares traded was 13,748 at the BSE (11.50 a.m., Thursday).