BRNL inks deal with Cube Highways for the sale of a 126-kilometre road project in UP
Bharat Road Network Limited (“BRNL”) has signed an agreement with Cube Highways for the complete transfer of ownership in an operating toll road project in the state of Uttar Pradesh, India. BRNL currently holds 39% stake in this project.
The Share Purchase Agreement provides for the sale of entire stake in Ghaziabad Aligarh Expressway Private Limited, the special purpose vehicle (SPV) engaged in the development, operation and maintenance of a 126-kilometre toll road project from Ghaziabad to Aligarh on National Highway 34 ("NH34"). The project has been granted a 24-year concession in 2011 for strengthening and widening the two-lane highway. Toll collection on this road started in June 2015.
Bajrang Kumar Choudhary, Managing Director, BRNL says, “We continue to explore opportunities for value creation through our portfolio realignment. We remain focused towards optimizing value through such strategic exits and are equally committed to raise resources to capitalise on the current and upcoming primary and secondary market opportunities in the highway sector.”
The transaction is subject to regulatory approvals and other closing conditions.
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