Mumbai: Adani Road Transport Ltd (ARTL), a wholly-owned subsidiary of Adani Enterprises, has signed a share purchase agreement to acquire a 100% stake in DP Jain ToT Toll Roads Pvt Ltd (DPJTOT) for an enterprise value of ₹1,342 crore. The deal, announced on September 12, is subject to regulatory approvals and customary conditions.

DPJTOT was incorporated in May 2021 as a special purpose vehicle (SPV) for tolling, operation, and maintenance of the Palanpur–Radhanpur–Samkhiyali section of NH-27 in Gujarat, with a concession period of 20 years.

The agreement involves the transfer of stakes from DPJTOT, DP Jain & Co Infrastructure Pvt Ltd, and DPJ DRA Tollways Pvt Ltd to Adani Road Transport. DP Jain & Co Infrastructure had earlier acquired the toll project with the highest bid of ₹1,251 crore.

ARTL is currently managing three major hybrid-annuity mode (HAM) projects in Chhattisgarh and Telangana and the Ganga Expressway project in Uttar Pradesh. As of June 30, the company reported 90% completion of its HAM projects and 85% progress on the expressway project.

For the June quarter, ARTL reported a 14% year-on-year decline in total income to ₹2,268 crore. However, earnings before interest, tax, depreciation, and amortisation (Ebitda) grew 44% to ₹494 crore in the same period.

Founded in 1975, Nagpur-based DP Jain & Co Infrastructure and its subsidiary DPJ DRA Tollways operate road infrastructure projects across India.DeshGujarat