BRNL inks deal to sell road project in Odisha

The Bharat Road Network Limited (BRNL) has signed an agreement with India Highway Concession Trust, an InvIT set up by Caisse de dépôt et placement du Québec (CDPQ), for the sale of a build-operate-transfer (BOT) road project in Odisha. The share purchase agreement provides for the complete transfer of ownership of Shree Jagannath Expressway Private Limited, the SPV for developing a 67 km toll road project from Bhubaneswar to Chandikhole, in Odisha. BRNL is the largest shareholder, with a 40 per cent stake in the project. Project operations started in December 2011, with an initial concession period of 26 years. Reportedly, the enterprise value of the project is estimated to be in the range of Rs 18 billion-Rs 20 billion.

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