HCC to sell stake in tollway to Sadbhav for R204 crore

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Mumbai | Published: April 17, 2015 12:35:01 AM

HCC Concessions, the infrastructure arm of the HCC Group, will sell its stake in R1,420-crore Dhule Palesner Tollway to the Sadbhav Group...

HCC Concessions, the infrastructure arm of the HCC Group, will sell its stake in R1,420-crore Dhule Palesner Tollway to the Sadbhav Group, HCC’s joint venture partner in the project, for R204 crore.

HCC held a 60% stake and had invested R189 crore in equity between 2009-2012. The total equity investment in the project is R355 crore, Arjun Dhawan, president & CEO, HCC Infrastructure, told FE. Sadbhav holds a 40% stake in the project which has a debt of around R1,000 crore.

The deal is subject to necessary clearances and is expected to close shortly. Dhawan said HCC is hoping to close the deal by June-end. HCC also expects to realise an estimated amount of R24 crore from additional claims to be made to the NHAI towards this project.

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