BRNL signs deal with Cube Highways for sale of road project in UP

The transaction is done at an enterprise value of up to `1,600-crs.


Bharat Road Network Limited (BRNL),along with its partners, has signed an agreement with Cube Highways, aportfolio company of I Squared Capital,for the complete transfer of ownership in an operating toll road project in thestate of Uttar Pradesh. BRNL currently holds 39 per cent stake in thisproject.

The Share Purchase Agreement provides for the sale of entire stake in Ghaziabad Aligarh Expressway Private Limited, the specialpurpose vehicle (SPV) engaged in the development, operation and maintenance ofa 126-kilometre toll road project from Ghaziabad to Aligarh on National Highway34 (NH34). The project has been granted a 24-year concession in 2011 forstrengthening and widening the two-lane highway. Toll collection on this roadstarted in June 2015.

Speaking on the development,Bajrang Kumar Choudhary, Managing Director, BRNLsaid, “We continue to explore opportunities for value creationthrough our portfolio realignment. We remain focused towards optimizing valuethrough such strategic exits and are equally committed to raise resources tocapitalise on the current and upcoming primary and secondary marketopportunities in the highway sector.”

Thetransaction is subject to regulatory approvals and other closing conditions. 


“Weremain focused towards optimizing value through such strategic exits and areequally committed to raise resources to capitalise on the current and upcomingprimary and secondary market opportunities in the highway sector.”Bajrang Kumar Choudhary, Managing Director, BRNL.

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