2 July 2019 Sadbhav Infrastructure Project Limited (SIPL) has entered into a definitive agreement with Indinfravit for the sale of its entire equity holding in nine of its operational road projects at an enterprise value of INR66.1b. SIPL has an equity investment of INR15b in these nine projects against which it will receive equity value of INR25.5b, thus valuing the deal at 1.7x its investment. The deal will also help to deleverage the balance sheet by reducing debt to the tune of INR40.6b. Further, there is also a ROFO option with IndInfravit with respect to all future operational assets of SIPL. The cash inflow of INR19b (post tax inflow of INR18.8b) will help SIPL achieve the twin objectives of a lean balance sheet and funding of under construction/new projects. The balance will be utilized to fund SIPLs 12 under construction HAM projects, whose total equity requirement stands at INR13.