HCC Concessions Ltd., the infrastructure development arm of HCC Group, has announced to sell its stake in the Dhule Palesner Tollway Ltd. to the Sadbhav Group.
HCC Concession is also expected to realise an estimated amount of Rs. 24 crore from the additional claims to be made to the NHAI towards this project. The deal is subject to receipt of necessary clearances and expected to close shortly.
The company had signed definitive documents with IDFC for the sale of Nirmal BOT Ltd., its annuity project in Andhra Pradesh, for Rs. 64 crore.
In FY09, NHAI awarded the development of Dhule Palesner Tollway Ltd. to an HCC -led consortium comprising the Sadbhav Group and UK-based John Laing. Dhule has been developed with a total capital cost of Rs. 1,420 crore.