BRNL sells its stake in Odisha toll road to India Highway Concession Trust
Bharat Road Network Limited (BRNL) said that it has wrapped up the sale of its 40% stake in Shree Jagannath Expressways Pvt Ltd (SJEPL), the operator of a 67km toll road in Odisha, to India Highway Concession Trust.
The buyer is an infrastructure investment trust established by Canada’s Caisse de dépôt et placement du Québec (CDPQ).
The toll road operated by Shree Jagannath Expressways is laid between Bhubaneshwar and Chandikhole.
Bharat Road Network Limited said that it has secured the consideration for the sale, which has been used towards respective debt repayments. The Indian road developer is entitled to get its proportionate share out of INR 700 crores of claims that are presently under conciliation with the National Highways Authority of India (NHAI).
Recently, Bharat Road Network Limited sold the 39% stake it held in a 126km toll project from Ghaziabad to Aligarh to Cube Highways, which is a portfolio company of I Squared Capital.
Bajrang Kumar Choudhary — Bharat Road Network Limited Managing Director said: “Continuing with our strategy for portfolio realignment, we are delighted to complete two stake sales within a span of one month.
“By harvesting this investment, we will be deleveraging the company’s balance sheet. We are also delighted to be able to bring in marquee institutional investors who may infuse their global expertise and operational excellence in these projects.”