Bharat Road Network (BRNL) rose 2.22% to Rs 29.95 after the company, along with its partners, signed a deal with Cube Highways for the sale of a 126-kilometre road project in Uttar Pradesh (UP), India.Singapore-based Cube Highways and Infrastructure invests in road and highway projects, along with other select infrastructure sectors in India.
The share purchase agreement provides for the sale of entire stake in Ghaziabad Aligarh Expressway, 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 (NH-34). 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.
Bharat Road Network signs deal with Cube Highways for the sale of a 126-kilometre road project in Uttar Pradesh, India equitybulls.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from equitybulls.com Daily Mail and Mail on Sunday newspapers.
Bharat Road Network inks pact with Cube Highways for sale of stake in Ghaziabad Aligarh Expressway
Synopsis
BRNL along with its partners has signed an agreement with Cube Highways, a portfolio company of I Squared Capital, for the complete transfer of ownership in an operating toll road project in Uttar Pradesh, the company said in a statement.
Agencies
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Bharat Road Network Ltd (BRNL) along with its partners has inked a deal with Cube Highways for the sale of the entire stake in Ghaziabad Aligarh Expressway Private Limited. The proceeds from the sale will be utilised to reduce debt and also capitalise on growth opportunities in the highways sector.
India s BRNL sells Ghaziabad-Aligarh toll project to Singapore company for Rs 1,600 crore businesstoday.in - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from businesstoday.in Daily Mail and Mail on Sunday newspapers.
Canada’s Caisse de dépôt et placement du Québec (CDPQ) is buying a toll road in India from local developer Bharat Road Network and other shareholders for an unspecified sum, the pension fund’s first transportation infrastructure investment in the major Asian emerging market.
The acquisition of the Shree Jagannath Expressway is being made through CDPQ’s infrastructure investment fund, India Highway Concession Trust, the pension fund and Bharat Road Network say in a joint statement on January 22.
The Indian company is the biggest shareholder in the toll road, with a 40% stake. The identity of the other shareholders was not disclosed.