India-based infrastructure company IVRCL has entered into an agreement with TRIL Roads, a unit of Tata Group, to sell stakes in three road projects in the state of Tamil Nadu.

IVRCL will divest its stake in Salem Tollways (STL), Kumarapalayam Tollways (KTL) and IVRCL Chengapally Tollways (ICTL). Together, the three road projects cost Rs22bn ($405.26m).

STL is a 53km stretch of National Highway 47 (NH-47) from Salem to Kumarapalayam under a concession agreement with NHAI. This programme began commercial operations in June 2010.

KTL is a 47km section on NH-47 from Kumarapalayam to Chengapalli under a concession agreement with NHAI, which commenced operations in August 2009.

"The total consideration of the agreement will be realised upon satisfaction of a number of agreement-related conditions and approvals from the National Highways Authority of India and other lenders."

ICTL is an under-development 54.83km stretch of the Chengapalli-Coimbatore-Walayar section of NH-47 under a concession agreement with NHAI. The project is estimated to commence commercial operations during the first half of fiscal 2014.

IVRCL said that the total consideration of the agreement will be realised upon satisfaction of a number of agreement-related conditions and approvals from the National Highways Authority of India and other lenders.

The Indian company also announced further plans to sell its stake in another three highway or water projects out of its portfolio of nine build-operate-transfer projects over the next six months.

IVRCL is engaged in the development and execution of engineering, procurement, and construction and commissioning of various infrastructure projects in India, Sri Lanka, the Middle East, Kenya and Nepal.