HCC Concessions Ltd, the infrastructure development arm of the HCC Group, will sell Farakka-Raiganj Highways Ltd to Singapore-based Cube Highways and lnfrastructure II Pte Ltd for Rs 372 crore, according to a regulatory filing.
"HCC Concessions Ltd (in which company, through wholly owned subsidiary HCC lnfrastructure Company Ltd, holds 85.45 per cent), being the infrastructure development arm of the HCC Group, has executed a definitive agreement in respect of 100 per cent stake sale of Farakka-Raiganj Highways Ltd, its concessionaire subsidiary, to Cube Highways and lnfrastructure II Pte Ltd," HCC said in a BSE filing on Friday.
Farakka-Raiganj Highways Ltd (FRHL) is a concessionaire subsidiary of HCC Concessions Ltd.
Hindustan Construction Company Ltd is also party to the definitive agreement, it said.
There is "an equity consideration of Rs 372 crore for 100 per cent equity stake (subject to requisite approvals) which will be subject to certain closing adjustments," the filing said.
The completion of the sale is expected "on achieving the conditions precedents and other formalities for closure of transaction as per the definitive documents entered into by the parties," the filing said.
Cube Highways and Infrastructure II Pte Ltd is a Singapore-based company investing in road and highway projects, along with select other infrastructure sectors in India.
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