The Indian Express | 1 week ago | 05-08-2022 | 03:35 am
Adani Road Transport Ltd (ARTL) has inked a definitive agreement with Macquarie Asia Infrastructure Fund to acquire the latter’s 56.8 per cent stake in Gujarat Road and Infrastructure Company Ltd (GRICL) and 100 per cent stake in Swarna Tollway Private Ltd (STPL).According to a release issued by Adani Group on Thursday, the acquisition — expected to close in September — is at an enterprise value of Rs 3,110 crore.GRICL has two stretches of toll roads in Gujarat, including Ahmedabad to Mehsana on state highway-41 and Vadodara to Halol on state highway-87. Similarly, STPL has two stretches of toll roads in Andhra Pradesh, including National Highway-16 from Tada to Nellore and Nandigama to Ibrahimpatnam to Vijayawada on NH-65.Apart from the 56.8 per cent stake it plans to acquire in GRICL, ARTL — a wholly-owned subsidiary of Adani Enterprises Ltd — will evaluate acquisition of another 26.8 per cent stake owned by IL&FS in the former. The remaining stake in GRICL is owned by the Gujarat government.GRICL was promoted jointly by the Gujarat government and IL&FS for widening two road stretches and converting them to four lane toll roads.Newsletter | Click to get the day’s best explainers in your inboxThe acquisition of Macquarie Asia Infrastructure Fund’s toll road portfolio in Andhra Pradesh and Gujarat will enhance the bouquet of ARTL’s business in highways, which includes eight hybrid annuity mode (HAM) projects, five build-operate-transfer (BOT) projects, and one toll-operate-transfer (TOT) road project in 10 states in the country with more than Rs 41,000 crore of projects under management.ARTL CEO Krishna Prakash Maheshwari said, “ARTL is committed to the Adani Group’s nation building initiative with a portfolio of more than 5,000 lane km of highway projects under construction/operation. This is one of the largest portfolios of toll road assets with high quality, strong team, long and robust track record of growth and strong cash flow generation with low leverage.”
Two persons died and two were injured when a sedan car coming from Uvarsad to Gandhinagar jumped the divider and crashed into a hatchback coming from the opposite side on the newly built Tarapur Bridge at Chandkheda following a tyre burst on Tuesday evening. According to Chandkheda police, the driver of Honda City died on the spot, while the two injured including the one travelling with the youth driving the Honda City were rushed to Apollo hospital. The driver of a Hyundai Eon, who is a clerk at Gandhinagar court, succumbed late in the evening.The Honda City was reportedly driven by a student of Karnavati University with his friend. The driver died while his friend was shifted to the Apollo hospital. The Eon driver going towards Vaishnodeviwas injured and shifted to thesame hospital.Adalaj PI D B Vala told Mirror, “The driver of Honda car died in the incident, while the Eon car driver succumbed to injuries in hospital. The accident was caused after atyre burst.”AMC truck knocks down Zydus stafferA 26-year-old staff member of Zydus hospital who was on her way to work on Tuesday morning was knocked down by an AMC garbage truck resulting in her death.The deceased was identified as Atusha Gaunder of Meghaninagar. .Atusha was hit by a AMC garbage truck near Kesar tea stall at Jeevandeep circle on SG Highway. A colleague took her to Zydus where she succumbed to injuries.Speeding car mows down pedestrianA 22-year-old safai kamdar was knocked down by a speeding car on SG Highway while attempting to cross the road near Rajpath Club on Monday evening. He succumbed to the injuries. The deceased was identified as Sandeep Galiyal (22) from Dhandhuka who lived in a rented accommodation in Thaltej. AM
Two incidents of accidents due to over-speeding took place on Monday. In the first incident which took place at 10.45 am on Monday, a speeding Maroon colored Honda car hit a scooter from behind on Sola overbridge. Jasmit Darji, his wife Falguni and their 13-year-old son Bhomya, residents of Vejalpur, were returning from Sola civil hospital on the scooter after getting Falguni anti-rabies vaccine after she was bitten by a dog. Police said Jasmit sustained head injuries and Falguni was lying in a semi-conscious condition. Even Bhomya sustained serious injuries. They were rushed to the hospital where the three are being treated. “The boy told us that they were hit by a speeding car from behind. We are looking for the car,” said a traffic police official.In another incident which took place on Monday night, an SUV rammed into one a light pole on the same overbridge. The driver of the car was shifted to hospital for treatment. An FIR is yet to be registered.These are some of the many incidents in which over-speeding vehicles have injured or killed people on the road. A few days ago, two people died in a similar incident on the same bridge. After a series of such incidents, the city police had deployed speed guns to catch over speeding drivers.A worrying pattern of over-speeding is emerging. In just seven months from January to August 7, Amdavadis have received 32,344 e-challans for over-speeding and fined Rs 6.81 crore, the most being in June with 7,896 people challaned and a fine of Rs 1.68 crore imposed. A traffic official said most of the e-challans are generated with the help of nine speed guns mounted on interceptor vehicles detecting over-speeding. “Eight speed guns are deployed in different areas of the city, while one is deployed on the highway. We still avoid fining vehicles in which families are travelling,” the traffic cop said.Now, the police propose to get tough on over-speeding with increased fine amounts. Joint Commissioner of Police (Traffic) Mayanksinh Chavda said, “Rs 1,500 will be fined for the first over-speeding offence, Rs 3,000 for the second time, and if caught for the third time, we will ask the RTO to suspend the offenders’ driving license.”Chavda said that on an average about 4,100 e-challans were issued every month from January to June. According to police records, there are about 212 traffic junctions which have about 2,351 CCTV cameras through which offences are detected and e-challans generated. Of these, 2,121 are functional while 34 are defunct and 196 cameras are under maintenance currently.Most commuters died in western parts of cityAccording to the figures of city police, a total of 845 road accidents took place in the first seven months of 2022. “Of these, 265 were fatal accidents, mostly due to drivers over-speeding or commuters being hit by other over-speeding vehicles. Most of the fatal accidents took place in areas such as Gujarat University, Navrangpura Naranpura, SG Highway, Vastrapur, Ghatolodia, Chanakyapuri, Sola, Sabarmati riverfront, Sindhu Bhavan Road, Satellite, Nehrunagar, Ranip, Chandkheda and walled city.
Adani Road Transport Ltd (ARTL), a wholly owned subsidiary of Adani Enterprises Ltd (AEL), has entered into a definitive agreement to acquire 58.8 per cent stake in Gujarat Road and Infrastructure Company Ltd (GRICL) and 100 per cent stake in Swarna Tollway Private Ltd (STPL).ARTL will be buying the stakes in both these entities from Macquarie Asia Infrastructure Fund. The acquisition is at an enterprise value of Rs 3,110 crore, an official release stated here Thursday.GRICL has two stretches of toll roads in Gujarat, including Ahmedabad to Mehsana on state highway-41 and Vadodara to Halol on state highway-87. Similarly, STPL has two stretches of toll roads in Andhra Pradesh which include National Highway-16 from Tada to Nellore and Nandigama to Ibrahimpatnam to Vijayawada on NH-65. The transaction is expected to close in September 2022.Apart from 56.8 per cent stake ARTL plans to acquire in GRICL, the company is also looking to evaluate the acquisition of another 26.8 per cent stake owned by IL&FS in the company. The remaining stake in the company is owned by Gujarat government. GRICL was promoted jointly by Gujarat government and IL&FS for widening and two road stretches and converting them to four lane toll roads.The acquisition of Macquarie Asia Infrastructure Fund’s toll road portfolio in AP and Gujarat will enhance the bouquet of ARTL’s business in highways which includes eight Hybrid Annuity Mode (HAM) projects, five Build-Operate-Transfer (BOT) projects, and one Toll-Operate-Transfer (TOT) road project in 10 states in India with more than Rs 41,000 crore of projects under management. Krishna Prakash Maheshwari, CEO of ARTL, said, “ARTL is committed to the Adani Group’s nation building initiative with a portfolio of more than 5,000 lane km of highway projects under construction / operation. This is one of the largest portfolios of toll road assets with high quality, strong team, long and robust track record of growth and strong cash flow generation with low leverage.”
RAJKOT: Three persons were arrested on Sunday in connection with a robbery of Rs 7.5 lakh from an employee of a money transfer firm on the Morbi-Maliya highway on Thursday. According to Morbi taluka police, those arrested were identified as Vishal Vadsola (27), his cousin Bechar Vadsola (21) and Prakash Tahade (25), a native of Madhya Pradesh. Police have recovered Rs 1.5 lakh cash, two motorcycles and three mobile phones from the accused. On Thursday, an employee of a money transfer firm was robbed of Rs 7.5 lakh on Morbi-Maliya highway. Four people on two bikes waylaid Shailesh Vadsola near Sokhda village and snatched his bag containing the cash. After the robbery, police started scanning the CCTV footage on the highway and came across one of the bikes used by the accused. The bike belonged to Vishal. When questioned, Vishal told police that on the day of the crime, he had given his bike to his cousin Bechar. When interrogated, Bechar confessed to having planned a robbery with the help of Prakash. Though Bechar and Vishal were not present during the robbery, they were involved in hatching the conspiracy to make quick money. During probe, it was revealed that Bechar had been arrested a few months ago for stealing a sugar-laden truck in Maharashtra.
AHMEDABAD: After the brief slowdown in the hospitality industry due to Covid-19 pandemic, investments in the sectors appear to be back on track and how! With leading Indian and foreign hospitality brands making inroads in the vicinity of the twin cities of Ahmedabad and Gandhinagar, and expanding their footprint here, five new properties are expected to come up soon. The Indian Hotels Company Limited (IHCL) is expected to come up with two new properties – one in Ahmedabad and another on the outskirts of Gandhinagar. Similarly, Marriott International is also slated to launch its new premium classic category hotel along the SP Ring Road in Ahmedabad. Land acquisition for yet another premium property to be managed by the group has already been completed along SG Highway. ITC Hotels, part of the ITC Group, is also expected to announce the opening of its premium luxury hotel in Ahmedabad city centre. The launch of these hotels is set to add an estimated 700 rooms to Ahmedabad and Gandhinagar existing 6,000 hotel room inventory of branded luxury hotels. "The IHCL group is set to take over an existing property under its Taj brand by the end of the second quarter of FY 2022-23. This will be located along Mahudi Road and is being developed keeping relaxation and rejuvenation-related amenities," said a well-placed source privy to the development. The firm had announced signing a management contract for an existing hotel in Ahmedabad along SG Highway last year. After undergoing extensive renovations, the hotel will be operated under IHCL's brand, Vivanta. Sources said it is expected to be operationalised this year. Sources confirmed that Aloft Hotel located at Sola Bhagwat Crossroads along SG Highway in Ahmedabad, which was earlier run by Marriott International, will now be operated by IHCL. On the other hand, Marriott International is expected to launch Sheraton and Grand Sheraton along SP Ring Road. The 100+ room property is expected to launch next year according to sources. The group had already announced robust plans to expand in the Gujarat market in 2018. Industry sources revealed that ITC Narmada, a 300-room property is expected to be launched during the second quarter of 2022-23. According to sources, ITC Group has invested Rs 600 crore Email queries sent to Marriott International, IHCL Group as well as ITC Hotels went unanswered regarding the scheduled launches. Despite the pandemic lull, the twin cities saw the launch of three hotel properties namely Courtyard by Marriott and Taj Skyline along Sindhu Bhavan Road and Leela in Gandhinagar.