I Squared Capital to buy Indian toll road from Malaysia’s IJM Corp-Reuters

(Reuters) – Private equity firm I Squared Capital said it would buy a 109 km toll road from Malaysia’s IJM Corp Bhd that connects two key touristic destination cities in northwestern India.

I Squared Capital did not disclose financial details of the deal in its statement on Monday.

IJM Corp said in a separate statement the deal value was 5.25 billion rupees ($84.9 million).

I Squared said it will initially buy a 74 percent stake in Jaipur Mahua Tollway Pvt Ltd from IJM through its ISQ Global Infrastructure Fund, and the remainder after getting approval from Indian authorities.

Jaipur Mahua Tollway is a toll road that helps connect the Indian cities of Jaipur in the state of Rajasthan, known for its historic buildings, with Agra, home to the Taj Mahal. Agra is a city in Uttar Pradesh state.

The road has been operational since 2009 under a 25-year concession.