HCC Group, Cube inks pact for Baharampore-Farakka Highway sale

04 Feb 2022 CW Team

The HCC Group announced on Wednesday that it had reached an agreement with Cube Highways to sell Baharampore-Farakka Highways Ltd (BFHL) for Rs 1,279 crore.

It is a 101 km road in West Bengal that connects Kolkata and the port of Haldia to the state's northern region and North-East India as part of National Highway-12.

The road project is owned by HCC Concessions Ltd (HCON), a subsidiary of HCC Ltd, and the transaction with Cube Highways is structured in such a way that the group will receive up to Rs 900 crore in total liquidity.HCC Concessions Ltd immediate parent is HCC Infra.

HCC said that HCC Group has reached an agreement with Cube Highways and Infrastructure V Pte Ltd for a 100% sale of BFHL for Rs 1,279 crore, implying a Rs 600 crore equity valuation. In addition to the equity value, a Rs 200 crore earnout payment is due in May 2024 if revenue targets are met.

For the duration of the concession, HCON will be entitled to a material revenue share.

The company said it will securitize a portion of these future BFHL receivables with a loan of up to Rs 300 crore, providing the group with total liquidity of up to Rs 900 crore.

BFHL has a 19-year balance concession period. Closing adjustments, customary due diligence, and approvals, including from the National Highways Authority of India (NHAI), are all contingent on the transaction.

HCON formed Baharampore-Farakka Highways in 2010 as a special purpose vehicle to design, build, finance, operate, and transfer (DBFOT) tolls on the four-lane highway between Baharampore and Farakka on NH-12 (earlier NH-34).

The company was granted a 25-year (extendable to 30-year) concession by NHAI, and BFHL began toll operations on May 14, 2014.

HCC Concessions Ltd has developed and operated NHAI concessions worth over Rs 7000 crore.

HCC Ltd, the holding company, had defaulted on its debt. It owes a total of Rs 9,727 crore in consolidated debt, which is currently being restructured.

Image Source

Also read: HCC closes sale of Farakka Raiganj Highways

The HCC Group announced on Wednesday that it had reached an agreement with Cube Highways to sell Baharampore-Farakka Highways Ltd (BFHL) for Rs 1,279 crore. It is a 101 km road in West Bengal that connects Kolkata and the port of Haldia to the state's northern region and North-East India as part of National Highway-12. The road project is owned by HCC Concessions Ltd (HCON), a subsidiary of HCC Ltd, and the transaction with Cube Highways is structured in such a way that the group will receive up to Rs 900 crore in total liquidity.HCC Concessions Ltd immediate parent is HCC Infra. HCC said that HCC Group has reached an agreement with Cube Highways and Infrastructure V Pte Ltd for a 100% sale of BFHL for Rs 1,279 crore, implying a Rs 600 crore equity valuation. In addition to the equity value, a Rs 200 crore earnout payment is due in May 2024 if revenue targets are met. For the duration of the concession, HCON will be entitled to a material revenue share. The company said it will securitize a portion of these future BFHL receivables with a loan of up to Rs 300 crore, providing the group with total liquidity of up to Rs 900 crore. BFHL has a 19-year balance concession period. Closing adjustments, customary due diligence, and approvals, including from the National Highways Authority of India (NHAI), are all contingent on the transaction. HCON formed Baharampore-Farakka Highways in 2010 as a special purpose vehicle to design, build, finance, operate, and transfer (DBFOT) tolls on the four-lane highway between Baharampore and Farakka on NH-12 (earlier NH-34). The company was granted a 25-year (extendable to 30-year) concession by NHAI, and BFHL began toll operations on May 14, 2014. HCC Concessions Ltd has developed and operated NHAI concessions worth over Rs 7000 crore. HCC Ltd, the holding company, had defaulted on its debt. It owes a total of Rs 9,727 crore in consolidated debt, which is currently being restructured. Image Source Also read: HCC closes sale of Farakka Raiganj Highways

Infrastructure Transport

16 Sep 2025

Metro Line 2B Phase 1 to Boost Realty in Mumbai’s Eastern Suburbs

Mumbai’s real estate sector is set for a major boost as Phase 1 of Metro Line 2B, between Mandale and Diamond Garden, nears completion. The Mumbai Metropolitan Region Development Authority (MMRDA) has confirmed that mandatory rectifications are done, and inspections by the Commissioner of Metro Railway Safety (CMRS) have been carried out. The 5.39-km stretch with five stations forms part of the larger DN Nagar–Mandale corridor, designed to ease congestion and improve east–west connectivity. Passenger operations are expected by December 2025, with the full line slated for 2027. ..

Resources

16 Sep 2025

WattPower wins Best Inverter award at Global Solar Expo 2025

WattPower, a leading renewable energy solutions provider, has won the award for “Best Inverter in the Utility Segment” at the Global Solar Expo 2025. The recognition underscores the company’s commitment to delivering reliable, high-performance and future-ready solar solutions for large-scale projects. At the forefront of utility-scale solar, WattPower manufactures advanced string inverters that directly feed power into the Indian grid. With robust technology, high-quality components and comprehensive product lifecycle support, its solutions stand among the most sophisticated in the ..

Real Estate

16 Sep 2025

Awfis delivers 67,000 sq. ft. innovation hub for eBay in Bengaluru

Awfis Space Solutions, India’s largest flexible workspace provider and the first publicly listed workspace solutions platform, has partnered with eBay to establish a 67,000 sq. ft. innovation hub at Embassy Tech Village, Bengaluru. The mandate covers design, build and management of the new office, which will act as a strategic hub supporting diverse functions and accelerating eBay’s AI-first commerce strategy. The centre will focus on artificial intelligence, engineering, product development and applied research, strengthening eBay’s growth in India. Embassy Tech Village, North Beng..