TRANSPORTATION

Adani Road Transport Incorporates Wholly-Owned Subsidiary

Adani Road Transport (ARTL) on Friday said it has incorporated a wholly-owned arm PRS Tolls Private LTD (PRSTPL). It will serve as a special purpose vehicle (SPV) to execute highway projects under toll operate transfer (TOT) mode.

‘Adani Road Transport Limited (‘ARTL’), a Wholly Owned Subsidiary of the Company, has incorporated a WOS namely, PRSTPL on 25th March, 2021,’ the company said in a filing to the BSE.

The company said the authorised share capital of the newly incorporated entity is Rs 1 lakh.

It said the objective of PRSTPL will be to act as SPV to carry out designing, engineering, financing. procurement, construction, development, commissioning, operation and maintenance of the road project to be awarded by NHAI under concessions agreement, including any amendments thereto, on TOT model.

Source
business world
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