HCC Concessions to sell stake in Dhule Palesner Tollway

NEW DELHI, Apr 16:  Hindustan Construction Company (HCC) today said its infrastructure development arm HCC Concessions Ltd will sell its stake in Dhule Palesner Tollway Ltd to its joint venture partner Sadbhav Group for Rs 204 crore.
”HCC Concessions is also expected to realise an estimated amount of Rs 24 crore from additional claims to be made to the NHAI, towards this project. The deal is subject to receipt of necessary clearances and is expected to close shortly,” the company said in a statement.     Arjun Dhawan, President and CEO, HCC said, ”The sale of Dhule furthers our goal of exiting de-risked, operational assets. Our partnership with Sadbhav has been special and we look forward to our next association with them.”    In fiscal year 2009, NHAI awarded the development of Dhule Palesner Tollway Ltd to an HCC led consortium comprising the Sadbhav Group and UK based John Laing, it said.    Dhule has been developed with a total capital cost of Rs 1,420 crore. This 89 km public-private-partnership (PPP) project is part of NH-3, one of the country’s primary north-south commercial corridors, connecting Mumbai to Agra, it said.
It is a primary conduit for transportation of passengers as well as freight traffic between Uttar Pradesh and major towns in the states of Madhya Pradesh and Maharashtra. (UNI)
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