NEW DELHI: HCC Group on Wednesday stated it has signed an settlement with Dice Highways on the market of Baharampore-Farakka Highways Ltd (BFHL) at an enterprise worth of ₹1,279 crore.
BFHL is a 101-km freeway that kinds a part of Nationwide Freeway-12 in West Bengal connecting Kolkata and the port of Haldia to north Bengal and northeastern states of India.
“HCC Group has signed binding phrases with Dice Highways and Infrastructure V Pte Ltd (Dice Highways) for 100% sale of BFHL at an enterprise worth of ₹1,279 crore, implying an fairness valuation of ₹600 crore. Along with the fairness worth, ₹200 crore of earnout is payable in Could 2024 contingent on attaining income thresholds,” HCC stated.
HCC Concessions Ltd (HCON) can be entitled to a cloth income share for the lifetime of the concession. HCON can be securitising a part of these future BFHL receivables by way of a mortgage of as much as ₹300 crore, leading to whole liquidity to the group of as much as ₹900 crore, the corporate added.
BFHL has a steadiness concession interval of 19 years. The transaction is topic to closing changes, customary due diligence, and approvals, together with from the NHAI. The monetary advisor for this transaction was Edelweiss Monetary Companies.
Baharampore-Farakka Highways is a particular function car of HCON which was integrated on 11 March 2010, for design, construct, finance, function, and switch (DBFOT) toll of the four-lane freeway between Baharampore and Farakka part of NH-12 (earlier NH-34) in West Bengal beneath NHDP Section III.
NHAI has granted a concession interval of 25 years (extending to 30 years) to the corporate and BFHL commenced toll operations on 14 Could 2014.
NH-12 supplies north-south connectivity between the capital area or ports of Kolkata & Haldia to the northeastern states of India. The west aspect of the freeway borders Bihar and Jharkhand and the jap aspect runs parallel to the Bangladesh border, the place appreciable import and export of products happens.
NH-12 is the one viable route for business visitors over main rivers reminiscent of Bhagirathi, Ganga, Mahananda, and Nagri within the area. It additionally kinds a part of the important path to neighboring Bhutan, Bangladesh, and Nepal.
Supply: Live Mint