The company was incorporated as Sadbhav Infrastructure Project Limited on January 18, 2007 at Ahmedabad as a public limited company under the Companies Act, 1956. The company obtained a certificate for commencement of business on February 7, 2007. The company is one of the leading road BOT companies in India that specialises in the development, operation and maintenance of highways, roads and related projects. The company, a subsidiary of Sadbhav Engineering (SEL), was incorporated as a developer and operator for highways, road and related projects on a BOT basis. All of its projects are implemented and held through special purpose vehicles, including joint venture entities.

The company has a project portfolio consisting of ten BOT projects of which six road projects are fully operational, one is the partially operational border check posts and the remaining three projects are in various stages of development. Nine of the ten BOT projects are toll projects (including user fee for the border check posts in Maharashtra), while the remaining one is an annuity project.

The company has initiated the process to acquire from SEL, the company corporate Promoter, 74.00% of the outstanding equity interest in MBHPL and 39.00% of the outstanding equity interest in DPTL. This restructuring is in accordance with its overall growth strategy to consolidate all BOT road projects to be developed by the company, in which SEL, its corporate Promoter, has shareholding. The company has also agreed to acquire 60.00% of the outstanding equity interest in DPTL from HCC Concessions and HCC. If these acquisitions are completed, its project portfolio will increase to 12 BOT projects, with seven fully operational projects, one partially operational border check posts project and four projects in various stages of development.

The company benefits significantly from the experience of and relationships established by SEL, its Corporate Promoter. The company generates revenues primarily from toll collection, user fee and annuity receipts. The company also provides operation and maintenance and advisory and project management services to its projects.

Business area of the company

The company is pre-qualified on an annual basis to bid either directly or through joint ventures for DBFOT projects. The company is involved in the development, operation and maintenance of national and state highways and roads in several states in India including Maharashtra, Gujarat, Rajasthan, Karnataka, Haryana, Madhya Pradesh and Telangana and border check posts in the state of Maharashtra.

Major events and milestones

2006-07: the company was incorporated as ‘Sadbhav Infrastructure Project Limited’.

2010-11: The company issued certain Equity Shares and CCCPS aggregating to ? 4,000 million collectively to Xander and Norwest.

2010-11: The company acquired equity shares of BHTPL aggregating to 76.99% of the equity share capital of BHTPL resulting in the company holding 76.99% of the share capital of BHTPL.

2010-11: The company acquired equity shares of ARRIL aggregating to 79.99% of the equity share capital of ARRIL from SEL resulting in the company holding 79.99% of the share capital of ARRIL.

2011-12: The company acquired equity shares of NSEL aggregating to 39% of the equity share capital of NSEL from SREI Venture Capital Trust A/c Infrastructure Project Development Fund resulting in the company and SEL collectively holding 90% of the share capital of NSEL.

2012-13: The company acquired equity shares of AJTL aggregating to 49% of the equity share capital of AJTL from PBA resulting in AJTL becoming itswholly owned subsidiary.

2012-13: The company issued SEL CCDs aggregating to Rs 750 million to SEL, itscorporate Promoter.

2013-14: The company acquired equity shares of NSEL aggregating to 9.99% of the equity share capital of NSEL from SREI Infrastructure Finance Limited resulting in the company and SEL collectively holding 99.99% of the share capital of NSEL.

2014-15: The company issued certain non convertible debentures aggregating to Rs 1,405.40 million to ITCL.

2014-15: The company acquired equity shares of NSEL aggregating to 21% of the equity share capital of NSEL from SEL resulting in the company holding 69.99% of the share capital of NSEL.

2014-15: The company acquired equity shares of BRTPL aggregating to 26% of the equity share capital of BRTPL from SEL resulting in the company holding 100% of the share capital of BRTPL.

2014-15: The company acquired equity shares of MBCPNL aggregating to 50.80% of the equity share capital of MBCPNL from SEL resulting in the company holding 77.82% of the share capital of MBCPNL.

2014-15: The company acquired equity shares of RHTPL aggregating to 26% of the equity share capital of RHTPL from SEL resulting in the company holding 100% of the share capital of RHTPL.

2014-15: The company acquired equity shares of SUTPL aggregating to 26% of the equity share capital of SUTPL from SEL resulting in the company holding 100% of the share capital of SUTPL.

2014-15: The company acquired equity shares of HYTPL aggregating to 39.99% of the equity share capital of HYTPL from GKC resulting in the company holding 99.99% of the share capital of HYTPL.

2014-15: The company issued certain listed, unsecured, rated, redeemable and taxable non convertible debentures aggregating to Rs 1,600 million to various subscribers.

2014-15: The company issued certain non convertible debentures aggregating to Rs 2,000 million to various subscribers.

2014-15: NSEL received rating of ‘AAA(SO)’ from CARE.

2014-15: The company received qualifications from NHAI as bidder for various BOT projects, with the highest estimated project cost being Rs 23,561.6 million.

2015-16: The company acquired equity shares of ARRIL aggregating to 13.99% of the equity share capital of ARRIL from PIPL resulting in the company holding 93.99% of the share capital of ARRIL.

2015-16: The company received annual pre-qualification for national highways projects on DBFOT basis having estimated project cost of Rs 26,500 million.

2015-16: The company acquired equity shares of NSEL aggregating to 29.99% of the equity share capital of NSEL from SEL resulting in the company holding 99.99% of the share capital of NSEL.