Ceigall India Limited has sold 100% equity shares of its step-down subsidiary, Ceigall Malout Abohar Sadhuwali Highways Private Limited, to Neo Infra Income Opportunities Fund for Rs 182.20 crore. The sale was concluded on June 16, 2026, pursuant to a Share Purchase Agreement dated June 3, 2026, and a First Amendment to Share Purchase Agreement executed on June 16, 2026. Consequently, the subsidiary ceased to be a step-down subsidiary of the company effective June 16, 2026.

The transaction involved the transfer of shares held by Ceigall India Limited together with Ceigall Infra Projects Private Limited, a wholly owned subsidiary. The consideration received includes cash surplus amounting to Rs 182.20 crores. The buyer, Neo Infra Income Opportunities Fund, is managed by Neo Alternative Asset Managers Private Limited and is not part of the promoter or promoter group.

For the financial year ended March 31, 2026, the divested entity reported a turnover of Rs. 826.89 Millions, which accounted for 2.10% of the consolidated turnover of Ceigall India Limited. The net worth of the subsidiary stood at Rs. 1361.14 Million, representing 6.30% of the consolidated net worth of the company.

The agreements formalizing the sale include a Binding Offer Letter dated February 9, 2026, the Share Purchase Agreement dated June 3, 2026, and the Amendment Agreement dated June 16, 2026. The company confirmed that the transaction does not constitute a related party transaction and was conducted at arm's length.

Financial Details of Subsidiary

Transaction Timeline

Ceigall India has executed a concession agreement with the National Highways Authority of India (NHAI) for a highway project in Punjab valued at ₹603.00 crore. The agreement was signed by the company's Project Special Purpose Vehicle (SPV), Ceigall Ambala Chandigarh Zirakpur Limited, on June 9, 2026. The project involves the construction of a 6-lane access-controlled spur connectivity, spanning a total length of 10.300 km, under the Hybrid Annuity Mode (HAM).

Project Details

The concession agreement establishes a framework for the development and long-term maintenance of the highway section. The project connects the Ambala-Chandigarh section of NH-205A to the Zirakpur Bypass. The following table summarizes the key parameters of the agreement:

Agreement Highlights

The deal covers both the execution and operational maintenance of the highway project. Key aspects include an 18-month construction period from the commencement of work, followed by a 15-year operation and maintenance obligation. The project cost excludes GST. The execution of this agreement underscores Ceigall India's active participation in India's road infrastructure development through the Hybrid Annuity Mode.