Adani Enterprises, Ahmedabad based diversified company announced that its wholly-owned subsidiary Adani Road Transport (ARTL) has signed a definitive Agreement with Sadbhav Infrastructure Project (SIPL) on Aug.16, 2021 for acquisition of Maharashtra Border Check Post Network (MBCPNL).

ARTL will initially acquire 49% stake in MBCPNL with an option to acquire additional stake in MBCPNL. subject to receipt of regulatory approvals.The acquisition is at an enterprise value of Rs 16.80 billion implying an attractive EBITDA multiple of 7x. The deal is subject to customary regulatory and lender's approvals and is expected to close in Q3 FY22.

MBCPNL is a 'Special Purpose Vehicle', for construction, operation and maintenance of Roads 8 Check-posts. MBCPNL has an integrated portfolio of 24 modernized and computerized border check posts (SCP) in the State of Maharashtra (the Project).

 Shares of the company gained Rs 3.20 or 0.22%, to trade  at  Rs 1,433.90  The total volume of shares traded is  160,579 at  the BSE (2.50 p.m, Tuesday).