Bharat Road Network Limited (BRNL) has signed an agreement with India Highway Concession Trust, an infrastructure investment trust set up by Caisse de dépôt et placement du Québec (CDPQ), a global investor, for the sale of a BOT (build-operate-transfer) road project in the state of Odisha. BRNL is the largest shareholder, with a 40 per cent stake in the project. The share purchase agreement provides for the complete transfer of ownership of Shree Jagannath Expressway Private Limited, the special purpose vehicle (SPV) for developing a 67-kilometre toll road project from Bhubaneswar to Chandikhole, in Odisha. Project operations started in December 2011, with an initial concession period of 26 years.
Canadian fund manager buys BRNL highway project in Odisha for Rs 2,000 crore
The BRNL highway project taken over by CDPQ is a 67 kilometre toll road project from Bhubaneswar to Chandikhole in Odisha. Sources close to the development told BusinessToday.In that the deal is valued between Rs 1,800 crore and Rs 2,000 crore
Ashutosh Kumar | January 21, 2021 | Updated 16:54 IST
Bhubaneswar to Chandikhole toll project started in December 2011 with a concession period of 26 years
Canadian institutional fund manager, Caisse de depot et placement du Quebec (CDPQ), has bought a highway project in Odisha from highway developer Bharat Road Network Limited (BRNL) in a deal valued at about Rs 2,000 crore.
BRNL to sell stake in Odisha toll road project to CDPQ arm
January 21, 2021
×
Bharat Road Network Ltd (BRNL), along with its partners, has signed an agreement with India Highway Concession Trust for the sale of a BOT road project in Odisha. BRNL is currently the largest shareholder in the project, with a 40 per cent stake.
India Highway Concession Trust is an infrastructure investment trust set up by Caisse de dépôt et placement du Québec (CDPQ), a global institutional investor.
The share purchase agreement provides for the complete transfer of ownership of Shree Jagannath Expressway Private Ltd, the special purpose vehicle engaged in the development, operation and maintenance of a 67-km toll road project from Bhubaneswar to Chandikhole. Project operations started in December 2011, with an initial 26-year concession. The sale would allow BRNL to reduce the debt and also to utilise the proceeds for organic and inorganic growth, said a press statement issued by the company. Th