HCC Concessions sells its Annuity Road Project in Andhra Pradesh

HCC Concessions Ltd, the infrastructure development arm of the HCC Group, announced the sale of Nirmal BOT Ltd., its annuity project in Andhra Pradesh to Highway Concession One Pvt. Ltd., an entity majorly held by IDFC Alternatives managed India Infrastructure Fund. HCC Concessions shall receive total consideration of Rs. 64 crore for the transaction. Highway Concessions One will acquire 74% equity stake upfront, while the balance 26% equity stake shall be acquired upon receipt of an approval from NHAI. Additionally, Nirmal has also received an arbitration award in its favour for Rs.16.67crore, which shall be payable to HCC, upon receipt.