HCC Concessions Limited, the infrastructure development arm of the HCC Group, has completed the sale of a 100 per cent stake in Farakka-Raiganj Highways Limited (FRHL) to Cube Highways and Infrastructure II Private Limited. FRHL is a public-private partnership (PPP) with an enterprise valuation of Rs 15.08 billion, comprising debt of Rs 9.05 billion and equity of Rs 6.03 billion.
The Uttar Pradesh government has decided to tap Reserve Bank of India (RBI)-licensed private banking entities for funding the 628 km Ganga Expressway project, which is estimated to cost about Rs 300 billion. However, private sector lenders will be expected to offer credit on the same terms and conditions as nationalised and public sector banks. Recently, the Uttar Pradesh Expressways Industrial Development Authority’s board had approved the proposal to raise Rs 29 billion from the Housing and Urban Development Corporation for the land acquisition costs of the expressway project.