IFCI to offload 26 per cent in Madhya Pradesh road project.

Government-owned IFCI seems to be on a drive to liquidate non-core investments. After deciding to reduce its holding in National Stock Exchange (NSE) and sell its broking unit, it now plans to put on the block its 26 per cent equity stake in Jaora Nayagaon Toll Road Company Private Ltd. (JTCL), a special purpose vehicle for a Rs. 900-crore toll road project in Madhya Pradesh.

IFCI Managing Director and Chief Executive Officer Malay Mukherjee said the company expected to complete the JTCL stake sale by September.

Other key stakeholders in the project include Srei Venture Capital Trust (33.98 per cent stake) and Ashoka Concessions (23 per cent).

BS