Piramal Group has signed a deal to provide Sadbhav Infrastructure Project (SIPL) with debt financing of Rs6bn ($82m) to complete underlying road projects in India.

Led by billionaire Ajay Primal, Piramal Group is a diversified conglomerate and has previously been a lender in the renewable and infrastructure sectors.

Of the 24 BOT/hybrid Sadbhav annuity projects, ten are completely operational, one is partially operational and the others are in various stages of construction.

SIPL holds a 69% stake in its SPIL, an asset holding firm for road and infrastructure projects.

Sadbhav had earlier been in negotiations with infrastructure and private equity firms to raise funds, but discussions did not reach an advanced stage.

“Piramal Group has sanctioned a term loan of Rs6bn to the holding company of Sadbhav’s under construction hybrid annuity road projects.”

Economic Times reported in August that Canadian fund caisse de depot et placement du Quebec (CDPQ), Italian road operator Atlantia and Cube Highways had separate discussions to acquire 35%-40% stakes in SIPL for $350m-$400m.

A Piramal spokesperson was quoted by The Financial Daily as saying: “Piramal Group has sanctioned a term loan of Rs6bn to the holding company of Sadbhav’s under construction hybrid annuity road projects.

“Facility has been extended as growth capital and disbursement is linked to progress of the underlying road projects.”

Sadbhav Infrastructure posted revenue of Rs22.76bn ($314m) for fiscal year 2018 and had a market capitalisation of Rs36.34bn ($501m) on 9 November.

The company’s total debt stood at Rs84.07bn ($1.1bn) and its enterprise value was Rs129.87bn ($1.79bn) at the end of March.

SIPL is the only listed road and highways build operate and transfer (BOT) company in India.