Sadbhav Infrastructure picks 60% in HCC road project

NEW DELHI: Sadbhav Infrastructure has sealed a pact to acquire a 60 per cent stake from HCC group company in a highway project.

" Sadbhav Infrastructure Project Ltd (SIPL), a company promoted by Sadbhav Engineering Limited (SEL), has signed a definitive share purchase agreement (SPA) for acquisition of 60 per cent equity stake from HCC Concessions Ltd, a group company of Hindustan Construction Company Ltd in Dhule Palesnar Tollway Ltd (DPTL)," SEL said in a regulatory filing.

However, the agreement is subject to fulfilment of certain conditions, statutory and lender approval, it said.

Post completion of acquisition from HCC Group and transfer of holding by SEL to SIPL, SIPL will become a 100 per cent owner of Dhule Palasner Tollway Ltd, it said.

"Gross purchase consideration for acquisition shall be Rs 203.97 crore... Further, upon simultaneously getting outstanding dues from HCC Group, net cash outflow to Sadbhav Group will be Rs 130.44 crore," it added.

In 2008-09, NHAI awarded the development of Dhule Palasner 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.