HCC Concessions Ltd, the infrastructure development arm of the HCC Group, today announced the sale of Nirmal BOT Ltd., its annuity project in Andhra Pradesh to Highway Concession One Pvt. Ltd., an entity majorly held by IDFC Alternatives managed India Infrastructure Fund. HCC Concessions shall receive total consideration of Rs. 64 crore for the transaction. Highway Concessions One will acquire 74% equity stake upfront, while the balance 26% equity stake shall be acquired upon receipt of an approval from NHAI. Additionally, Nirmal has also received an arbitration award in its favour for Rs.16.67 crore, which shall be payable to HCC, upon receipt.
On the occasion, Arjun Dhawan, President & CEO, HCC Concessions said, "This sale furthers our commitment to create value for shareholders. We take great pleasure in strengthening our relationship with IDFC as we transfer the custody of this first PPP asset developed by the HCC Group."
M.K. Sinha, Managing Partner & CEO, IDFC Alternatives 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 in the future as well."
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