 "HCC sells stake in Andhra Pradesh road project for Rs 64 crore")
Mumbai: Engineering major HCC today said it has sold one of its annuity road projects in Andhra Pradesh to Highway Concession One for Rs 64 crore.
The company’s infrastructure development arm HCC Concessions sold stake in its special purpose vehicle Nirmal BOT for road project in Andhra Pradesh to Highway Concession One, an entity majorly held by IDFC Alternatives managed India Infrastructure Fund, a release issued here said.
Highway Concessions One will acquire 74 per cent equity stake upfront, while the balance 26 per cent will be acquired upon receipt of an approval from NHAI, it said.
“This sale furthers our commitment to create value for shareholders,” HCC Concessions President and CEO Arjun Dhawan said.
The SPV has also received an arbitration award in its favour for Rs 16.67 crore, which shall be payable to HCC, upon receipt, the release said.
“This investment is in continuation with our road sector aggregation strategy of acquiring controlling stakes in operating road assets. The acquisition also reinforces our intention to partner with sponsors with proven and long established track record in the sector and we look forward to continue working with the HCC Group,” IDFC Alternatives Managing Partner and CEO MK Sinha said.
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