HCC Group closed its sale of Baharampore-Farakka Highways Limited (BFHL) to Cube Highways and Infrastructure V Pte Ltd (Cube) at an enterprise valuation of Rs.1,323 crore, which includes SPV debt of Rs.646 crore
HCC Group is to receive a total of Rs 941 crore which includes upfront amount of Rs.677 crore and Rs.264 crore payable by Q3 FY24 and Q1 FY25 in two tranches, contingent on traffic projections. Additionally, as part of the agreement with Cube, HCC will be entitled to a revenue share from BFHL over the entire concession period, which is material in nature.
Arjun Dhawan, Vice Chairman, HCC said “HCC is proud to have developed the backbone of West Bengal’s arterial highway on NH-12. Our concessions portfolio has been a value generator for the group and this asset sale underscores the material liquidity contribution toward our operations and growth.”
