Anil Ambani sells 8 % in NICE for Rs300 crore, nets 10-fold return
12 Mar 2012
Anil Ambani, chairman of the $7.8 billion Reliance Anil Dhirubhai Ambani Group today sold 8 per cent of his stake in Nandi Infrastructure Corridor Enterprises (NICE) for over Rs300 crore, valuing the developer of the Bangalore-Mysore infrastructure corridor at around Rs4,000 crore.
The stake was bought by Airro Mauritius, a JP Morgan affiliated fund, which has now increased its stake in NICE to 18 per cent.
Ambani had acquired a 15 per cent stake in NICE for Rs60 crore in 2005, and the part sale has given the Indian billionaire a return of nearly 10-times his investment.
The $2.4 billion Kalyani Group of Companies and SAB International had formed NICE to develop the Bangalore-Mysore Infrastructure Corridor on a build-own-operate-transfer (BOOT) basis.
The Bangalore-Mysore Infrastructure Corridor is a 4 to 6 lane private tolled expressway that connects the two important cities of Bangalore and Mysore in Karnataka.
Kalyani group's BF Utilities hold nearly 75 per cent stake in NICE.
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