Gateway connects Maharashtra with 6 neighbouring states, will
cover over 20% of the commercial road traffic in India.


Editor’s Synopsis

  • Adani Road Transport Ltd (ARTL) will acquire Maharashtra Border Check Post Network Ltd (MBCPNL). ARTL will acquire 49% at first, with the option to acquire additional stake, subject to approvals.
  • MBCPNL has 24 integrated checkposts with exclusive service fee collection rights from commercial vehicles for all key traffic routes in and out of Maharashtra.
  • MBCPNL is an important gateway connecting Maharashtra with 6 neighbouring states, which covers over 20% of the commercial road traffic in India.
  • MBCPNL has a strong business model underlined by long term concession, good traffic growth, inflation protection and robust margins.


Ahmedabad, 16 August 2021:  Adani Road Transport Ltd (ARTL), a wholly owned subsidiary of Adani Enterprises Ltd (AEL), has entered into a definitive agreement to acquire Maharashtra Border Check Post Network Ltd (MBCPNL), a subsidiary of Sadbhav Infrastructure Project Limited (SIPL).

ARTL, which develops, constructs, operates and manages roads and highway projects in India, will acquire a 49% stake in MBCPNL at first, with an option to acquire additional stake subject to regulatory approval.


“India has made tremendous progress in building its road network and interlinking the nation, an essential contributing factor in economic development,” said Krishna Prakash Maheshwari, CEO of ARTL. “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. The multibillion dollar profile of road assets we are executing across India encompasses a variety of business models including Hybrid Annuity Mode (HAM), Toll-Operate-Transfer (TOT), Build-Operate-Transfer (BOT) and a service fee based network. This acquisition also strategically dovetails with the Adani Group’s formidable strength in logistics, a force-multiplying business adjacency for ARTL.”

The acquisition is at an enterprise value of Rs.1,680 Cr implying an attractive EBITDA multiple of ~7x. The deal is subject to customary regulatory and lender’s approvals and is expected to close in Q3 FY22.