Nandi Infrastructure Corridor Enterprise, a unit of BF Utilities, is set to sell 10 percent stake in phase I of a tollway project to a private equity fund managed by JP Morgan, newspaper reports said. The project, which connected the cities of Bangalore and Mysore in southern India, has been valued at 120-150 bn rupees.
BF Utilities officials declined to comment, when contacted by Reuters. JP Morgan officials could not be reached immediately. JP Morgan's private equity fund would buy 10 percent in Phase I of the project for around 5 bn rupees, the paper cited one of the sources as saying.
Currently, BF Utlities holds 75 percent in the project, while billionaire Anil Ambani, holds 15 percent stake in his personal capacity.
Source: Economic Times