New Delhi: Hindustan Construction Company (HCC) on Thursday said its infrastructure development arm will sell its stake in a highway project to Sadbhav Group for Rs 204 crore as part of a strategy to exit operational assets.
"HCC Concessions Ltd, the infrastructure development arm of the HCC Group... announced the sale of its stake in Dhule Palesner Tollway Ltd to the Sadbhav Group, HCC's JV partner in the project for Rs 204 crore," HCC said in a statement.
The company further said that the deal is subject to receipt of necessary clearances and is likely to close shortly.
HCC Concessions is also expected to realise an estimated amount of Rs 24 crore from additional claims to be made to the NHAI, towards this project, the company said.
"The sale of Dhule furthers our goal of exiting de-risked, operational assets. Dhule has had an exemplary operational record over the past 3 years post its commissioning in 2012, four months ahead of schedule."
"Our partnership with Sadbhav has been special and we look forward to our next association with them," HCC Concessions president and CEO Arjun Dhawan said.
In December last year, the company had signed definitive documents with IDFC for sale of Nirmal BOT Ltd, its annuity project in Andhra Pradesh, for Rs 64 crore.
In financial year 2009, NHAI awarded the development of Dhule Palesner Tollway Ltd to an HCC-led consortium comprising Sadbhav Group and UK-based John Laing.
Dhule has been developed with a total capital cost of Rs 1,420 crore. The 89-km public-private-partnership project is part of NH-3 connecting Mumbai to Agra.
The project started commercial operations in February 2012, four months ahead of scheduled completion.
Shares in HCC, on Thursday, ended at Rs 34.30 apiece on the BSE, up 1.78 per cent from the previous close.