Mumbai: Bharat Road Network (BRNL) has signed a deal with Cube Highways to sell its 126km road project in Uttar Pradesh for an enterprise value of Rs 1,600 crore.
BRNL along with its partners has signed a deal for the complete transfer of ownership in an operating toll road project from Ghaziabad to Aligarh on NH34. BRNL currently holds a 39% stake in the project.
The project was granted a 24-year concession in 2011 for strengthening and widening the two-lane highway. Toll collection on this road started in June 2015. The company said the deal reaffirms the commitment of BRNL to reduce its debt and also capitalise on the growth opportunities in the highways sector. Cube Highways and Infrastructure (Cube Highways) is a Singapore-based company investing in road and highway projects, along with other select infrastructure sectors, in India.
