Kalpataru Projects International Limited (KPIL) has finalized the sale of its 100% equity stake in Vindhyachal Expressway Private Limited (VEPL) to Actis. The transaction, based on an Enterprise Value of approximately ₹775 crores, was completed as of January 16, 2026. VEPL manages a four-lane road project in Madhya Pradesh and Uttar Pradesh. This sale aligns with KPIL’s strategy to optimize value through divestment.
Vindhyachal Expressway Stake Divestment
Kalpataru Projects International Limited (KPIL) announced on January 16, 2026, the successful completion of the sale of its entire stake in Vindhyachal Expressway Private Limited (VEPL). The buyer is Actis, a growth market sustainable infrastructure investor.
Transaction Details
The definitive agreements for the sale were executed on October 9, 2024. The enterprise value agreed upon for the transaction was approximately ₹775 crores, subject to closing adjustments. VEPL is a Special Purpose Vehicle (SPV) responsible for a four-lane road project spanning 89.30 KMs, connecting Rewa and Hanumana across Madhya Pradesh and Uttar Pradesh. This project operates under a concession from Madhya Pradesh Road Development Corporation (MPRDC) on a Design, Build, Finance, Operate and Transfer (DBFOT) basis since January 2012, with toll collections starting in February 2015.
Strategic Rationale
Manish Mohnot, MD & CEO, KPIL, stated that this divestment demonstrates KPIL’s track record in developing, operating, and divesting long-term infrastructure assets. He added that the divestment aligns with the company’s strategy to optimize value by divesting non-core assets and continuing to invest in its core EPC business to accelerate growth and achieve targeted returns.
Advisors
Equirus Capital Private Limited served as the Transaction Advisor, and Khaitan & Co acted as Legal Advisors to KPIL for this deal. Anangram Partners served as the Legal Advisor to Actis.
Source: BSE
