New Delhi, Aug 16 (PTI) Adani Enterprises Ltd (AEL) on Monday said its wholly-owned subsidiary Adani Road Transport Ltd (ARTL) will acquire a 49 per cent stake in Maharashtra Border Check Post Network Ltd, with an option to acquire additional stake subject to regulatory approval.

The company in a statement said the acquisition is at an enterprise value of Rs 1,680 crore implying an attractive EBITDA multiple of 7x.

Also Read | NTA CU-CET 2021 Registration Begins Today, Candidates Can Apply Online at cucet.nta.nic.in.

The deal is subject to customary regulatory and lender's approvals and is expected to close in Q3 FY22, it added.

Maharashtra Border Check Post Network Ltd (MBCPNL) is a subsidiary of Sadbhav Infrastructure Project Limited (SIPL).

Also Read | Founder of Functional Medicine Business Academy(TM), Dr. Christine Manukyan is Leading the Functional Medicine Revolution.

"India has made tremendous progress in building its road network and interlinking the nation, an essential contributing factor in economic development," ARTL CEO Krishna Prakash Maheshwari said.

"As the nation's largest infrastructure player, the Adani Group's drive to create a world class portfolio of road networks is aligned with our mission to become India's largest road infrastructure owner and operator, he added.

The statement noted that this acquisition also strategically dovetails with the Adani Group's formidable strength in logistics, a force-multiplying business adjacency for ARTL.

Adani Enterprises Ltd is the flagship company of Adani Group. Over the years, Adani Enterprises has focused on building emerging infrastructure businesses, contributing to nation-building, and divesting them into separate listed entities.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)