Ceigall India Signs Definitive Pact with Neo Infra Fund for CMASH Divestment Valued at ₹177 Crore
Ceigall India Limited has entered a definitive agreement to divest its stake in Ceigall Malout Abohar Sadhuwali Highways Private Limited (CMASH), a road infrastructure project company, to the Neo Infra Income Opportunity Fund. The transaction marks a strategic asset divestment valued at approximately ₹ 177 crore, following the execution of a Share Purchase Agreement (SPA) on June 3, 2026.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. Financial details for CMASH as of the financial year ended March 31, 2026, are detailed below:
| Metric | Value (₹) / Percentage |
|---|---|
| Reported Turnover | ₹ 82.69 crore |
| Contribution to Ceigall India's Consolidated Turnover | Approximately 2.1% |
| Net Worth of CMASH | ₹ 136.11 crore |
| Proportion of Group's Consolidated Net Worth | Approximately 6.3% |
The transaction involves the sale to Neo Infra Income Opportunity Fund, which is managed by Neo Alternative Asset Managers Private Limited and focuses on investing in infrastructure assets that offer stable long-term income opportunities. The deal is not a related-party transaction, and the purchaser does not belong to the promoter group of Ceigall India.
Ramneek Sehgal, Chairman & Managing Director of Ceigall India Limited, commented on the transaction, stating that it reflects the company's disciplined approach toward capital allocation and portfolio optimization. He added that the monetization of select assets enables the company to unlock value and strengthen its financial flexibility for future growth opportunities as it continues to expand its presence in the infrastructure sector.
The divestment aligns with Ceigall India’s broader strategy of recycling capital by monetizing operational infrastructure assets, thereby supporting future growth opportunities across its infrastructure development and construction businesses. The transaction is expected to be completed upon the fulfillment of customary conditions precedent outlined in the Share Purchase Agreement.
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