Kolkata: HCC Group has signed binding terms with Cube Highways and Infrastructure V Pte for 100% sale of Baharampore-Farakka Highways (BFHL) at an enterprise value of Rs 1,279 crore, implying an equity valuation of Rs 600 crore. In addition to the equity value, Rs 200 crore of earnout is payable in May 2024 contingent on achieving revenue thresholds.
According to the company, BFHL is a 101km highway which forms part of the main arterial National Highway 12 in West Bengal connecting Kolkata and Haldia port to North Bengal and northeastern states of India. Out of 101 km, BFHL is currently tolling 90 km and the balance 11 km of Baharampore Bypass will be tollable post completion in Q4 FY23, which will increase the normal toll revenue by 45%.
