MEXICO CITY--Mexican construction company Empresas ICA SAB (ICA, ICA.MX) said Thursday it has reached an agreement to sell its stake in a toll road venture to partner Goldman Sachs Group Inc. (GS) for 5.07 billion pesos ($380 million).

ICA said its 18.7% stake in Red de Carreteras de Occidente SAB will be sold to funds operated by Goldman Sachs, its partner in the venture that operates 760 kilometers of toll highways in western Mexico.

ICA, Mexico's largest construction company, said it will continue to provide operation services for the roads. ICA said it plans to use the money from the sale to pay down short-term debt taken out to speed up the completion of existing projects and provide capital for new projects.

Write to Anthony Harrup at anthony.harrup@dowjones.com

Subscribe to WSJ: http://online.wsj.com?mod=djnwires