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Mexico reaches deal to buy highway concession from billionaire Slim

2024.02.05 15:11


© Reuters. FILE PHOTO: Mexican tycoon Carlos Slim speaks as Mexico’s President Andres Manuel Lopez Obrador (L) appears to be like on on the National Palace in Mexico City, Mexico August 27, 2019. Press Office Andres Manuel Lopez Obrador/Handout through REUTERS/File Photo

MONTERREY, Mexico (Reuters) – Mexican President Andres Manuel Lopez Obrador introduced that his authorities has reached an settlement with native billionaire Carlos Slim to buy the concession to a part of a highway nonetheless underneath building within the southern state of Oaxaca.

“I am very grateful to Carlos Slim because we have reached an agreement that the federal government is going to acquire the concession that was granted to him, and on very good terms,” Lopez Obrador mentioned in a speech in Oaxaca on Sunday, with out giving any particulars as to the fee.

Slim oversees main companies reminiscent of telecommunications big America Movil (NYSE:) and Grupo Carso, a conglomerate. He sits on the board of administrators of Ideal, which is wrapping up building on the department of the highway working from the cities of Mitla to Tehuantepec.

Representatives for Ideal and Mexico’s transportation ministry didn’t instantly reply to requests for remark.

The highway observe, half of a bigger stretch working all the way in which to the town of Oaxaca, shall be inaugurated on Aug. 31, Lopez Obrador mentioned.

The president, who will depart workplace later this yr, has made infrastructure tasks within the traditionally poorer southern a part of Mexico a cornerstone of his administration.

He made the announcement at an occasion to open one other a part of highway within the state of Oaxaca, the place he has additionally just lately launched a coast-to-coast passenger rail community.

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