• Adani Road Transport Limited (‘ARTL’), a wholly-owned subsidiary of Adani Enterprises Limited, has signed a definitive agreement with Sadbhav Infrastructure Project Limited (‘SIPL’) for acquisition of Maharashtra Border Check Post Network Limited (‘MBCPNL’). ARTL will initially acquire 49% stake in MBCPNL with an option to acquire additional stake in MBCPNL.
  • 49% shares will be sold initially to ARTL, along with an option for the buyer to acquire the remaining stake, in one or more tranches. The consideration for sale would be at an enterprise value of Rs. 1,680 Crore.

Adani Road Transport Limited:

  • Adani Road Transport Ltd is a wholly owned subsidiary of Adani Enterprises Ltd, the flagship company of the Adani Group. ARTL is a transport infrastructure developer involved in the construction, operation and maintenance of roads, highways and expressways.
  • ARTL has concession agreements with the National Highway Authority of India (NHAI) structured on the Hybrid Annuity Mode (HAM), Build-Operate-Transfer (BOT) and Toll-Operate-Transfer (TOT) models.

Maharashtra Border Check Post Network Limited:

  • MBCPNL, a subsidiary of Sadbhav Infrastructure Project Limited, is an integrated portfolio of 24 border check posts with exclusive service fee collection rights from commercial vehicles for all traffic routes in and out of Maharashtra until at least 2033, which covers 20% of commercial road traffic in India.
  • MBCPNL was incorporated in 2009 as a Special Purpose Vehicle, for construction, operation and maintenance of roads and check-posts.


  • The acquisition is at an enterprise value of Rs.1,680 Crore implying an EBITDA multiple of 7x. MBCPNL has turnover of Rs. 192 Crore in FY21 and Rs.221 Crore in FY20.
  • MBCPNL has a business model underlined by long term concession, good traffic growth, inflation protection and robust margins.
  • The acquisition of MBCPNL’s border check post assets will enhance the bouquet of ARTL’s business in highways and will help accelerate ARTL’s growth. CEO of ARTL commented that acquisition is part of Adani Group’s drive to create a portfolio of road networks banking on group’s strength in logistics.
  • On the other hand Sadbhav group is actively trying to deleverage its capital structure by monetizing number of assets. Company has recently sold six BOT and two annuity assets to IndInfravit Trust, sold stake in AIIRL and raised fund through NCD issuance to improve its liquidity position.


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