HCC Concessions Ltd, the infrastructure development arm of the HCC Group, will sell Farakka-Raiganj Highways Ltd to Cube Highways and Infrastructure II Pte Ltd, a Singapore-based entity, for Rs 372 crore.
HCC said, "HCC Concessions Ltd (in which company, through wholly owned subsidiary HCC infrastructure Company Ltd, holds 85.45 percent), being the infrastructure development arm of the HCC Group, has executed a definitive agreement in respect of 100 per cent stake sale of Farakka-Raiganj Highways Ltd, its concessionaire subsidiary, to Cube Highways and infrastructure II Pte Ltd."
The financial adviser on the transaction was Edelweiss Financial Services Ltd.
Cube Highways is a joint venture between I Squared Capital, a global infrastructure investment firm, and International Finance Corporation, the private-sector investment arm of the World Bank.
The company, as of December 2017, owned more than 1,700 lane-kilometres of highways in India.