New Delhi : Ceigall India Limited has entered into a definitive agreement to divest its stake in Ceigall Malout Abohar Sadhuwali Highways Private Limited (CMASH), a road infrastructure project company in Punjab, to Neo Infra Income Opportunity Fund, managed by Neo Alternative Asset Managers Private Limited.
The transaction has been formalized through a Share Purchase Agreement (SPA) executed on June 3, 2026, following the signing of a binding offer letter earlier this year.
Under the terms of the agreement, Ceigall India and its wholly owned subsidiary, Ceigall Infra Projects Private Limited, will transfer their shareholding in CMASH to the infrastructure-focused investment fund. The total consideration for the transaction, including cash surplus, is valued at approximately ₹177 crore, subject to customary adjustments agreed between the parties.
CMASH is a step-down subsidiary of Ceigall India and operates a highway asset in Punjab. For the financial year ended March 31, 2026, the company reported a turnover of ₹82.69 crore, contributing around 2.1% of Ceigall India’s consolidated turnover. The project company’s net worth stood at ₹136.11 crore, representing approximately 6.3% of the group’s consolidated net worth.
Commenting on the transaction, Ramneek Sehgal, Chairman & Managing Director, Ceigall India Limited, said:
“This transaction reflects our disciplined approach towards capital allocation and portfolio optimization. As we continue to expand our presence in the infrastructure sector, the monetization of select assets enables us to unlock value and strengthen our financial flexibility for future growth opportunities. We remain focused on delivering high-quality infrastructure projects across the country while creating long-term value for all stakeholders.”
The transaction is expected to be completed upon the fulfillment of customary conditions precedent outlined in the Share Purchase Agreement.
The divestment aligns with Ceigall India’s strategy of monetizing operational infrastructure assets and recycling capital to support future growth opportunities across its infrastructure development and construction businesses.
Neo Infra Income Opportunity Fund, the acquirer, is managed by Neo Alternative Asset Managers Private Limited and is focused on investing in infrastructure assets offering stable long-term income opportunities.
The transaction is not a related-party transaction, and the purchaser does not belong to the promoter group of Ceigall India.
