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HCC Group completes sale of Farakka-Raiganj Highways

Wednesday, 23 Sep 2020
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Infrastructure firm HCC Group has completed sale of Farakka-Raiganj Highways (FRHL) to Cube Highways and Infrastructure-II at an enterprise value of Rs 1,508 crore.

HCC's infrastructure development arm HCC Concessions has completed the sale in its road project to Cube Highways, a platform controlled by I Squared Capital, the Abu Dhabi Investment Authority and the International Finance Corporation.

The enterprise value comprises a debt of Rs 905 crore and an equity valuation of Rs 603 crore.

The total expected payout of Rs 603 crore to HCC Group includes a cash payout of Rs 270 crore, which combines equity consideration and contractor payments, and Rs 233 crore of hold backs to be released on completion of dispute resolution with the National Highways Authority of India (NHAI).

Besides, it also includes Rs 100 crore of earnout payable in 2023 contingent on traffic projections.

Additionally, as part of the agreement with Cube Highways, HCC Group will be entitled to a revenue share from FRHL over the entire concession period, which could be material in nature and details of which will be specified on completion of the ongoing conciliations with NHAI.

The enterprise value of Rs 1,508 crore also excludes a structure section of the project, which was descoped by NHAI, and for which Cube Highways has offered a contingent payout.

FRHL will pass on receipts from NHAI against all claims (mainly for land acquisition delays) to HCC Group on receipt of these monies.

The consortium of lenders to FRHL is led by Yes Bank and comprises Indian Bank, ARCIL, IIFCL, Bank of Baroda, Punjab National Bank and Union Bank of India.

The legal and financial advisors for this transaction were Cyril Amarchand Mangaldas and Edelweiss Financial Services, respectively.

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