HCC Group signs pact with Cube for sale of Baharampore-Farakka Highway
HCC Group on Wednesday said it has signed an agreement with Cube Highways to sell Baharampore-Farakka Highways Ltd (BFHL) at an enterprise value of Rs 1,279 crore.
It is a 101-km long road which is part of National Highway-12 in West Bengal connecting Kolkata and the port of Haldia to the northern part of the state and North-East India.
HCC Concessions Ltd (HCON), a subsidiary of HCC Ltd, owns the road project, and the transaction with Cube Highways is structured in a way that will be resulting in total liquidity to the group of up to Rs 900 crore.
“Besides this, we have another terminated project in the books of HCON and two arbitration awards are awaited for claims.
