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HCC Concessions, the infrastructure development arm of the HCC Group, said that it has sold Nirmal BOT Ltd, its annuity project in Andhra Pradesh to Highway Concession One Pvt Ltd for Rs 64 crore.
The Nirmal project, awarded by the National Highways Authority of India (NHAI) for a concession period of 20 years, has been operational for five years. The 30-km road project connects Kadtal to Armur on NH-7 in Telangana. The project was developed at a cost of Rs 315 crore.
Highway Concession One is majorly held by IDFC Alternatives managed India Infrastructure Fund. Highway Concession One will acquire 74 per cent equity stake upfront, while the balance 26 per cent will be acquired on receipt of NHAI’s approval.
Additionally, Nirmal has also received an arbitration award in its favour for Rs 16.67 crore, which will be payable to HCC on receipt, HCC said.
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