Bharat Road Network completes stake sale of 67km road project in Odisha to CDPQ


[**EDS: HANDOUT PHOTO MADE AVAILABLE FROM NCRTC ON FRIDAY, JULY 1, 2022** New Delhi: MD of National Capital Region Transport Corporation (NCRTC) Vinay Kumar Singh (L) during the signing of an agreement between NCRTC and DB India for Operation and Maintenance of the Delhi- Ghaziabad-Meerut RRTS Corridor. ( /PTI] Kolkata, July 1 : Bharat Road Network Limited (BRNL), one of India's leading road developers, has completed sale of its entire stake in Shree Jagannath Expressways Pvt Ltd (SJEPL) to India Highway Concession Trust, an infrastructure investment trust set up by Caisse de depot et placement du Quebec (CDPQ), a global institutional investor. SJEPL operates a 67 km toll road from Bhubaneswar to Chandikhole in Odisha. BRNL received the consideration, which has been used towards respective debt repayments and is entitled to receive its proportionate share out of Rs 700 crore of claims currently under conciliation with NHAI. This divestment follows a SPA agreement signed between BRNL and its partners with IHCT in January last year for complete transfer of ownership of SJEPL, the special purpose vehicle (SPV) engaged in the development, operation and maintenance of a 67 kilometre toll road project from Bhubaneswar to Chandikhole, in Odisha. BRNL is currently the largest shareholder with 40 per cent stake in the project. This is the second stake sale by BRNL wherein it has entirely exited the road project with the view to create value through portfolio realignment, deleverage balance sheet and strengthen the company financials, and resolving any outstanding debt. BRNL had recently divested its entire 39 per cent stake in 126 km toll project from Ghaziabad to Aligarh to Cube Highways, a portfolio company of I Squared Capital -- at an enterprise valuation of Rs 1,450 crore. Ghaziabad Aligarh Expressway Private Limited is the special purpose vehicle (SPV) engaged in the development, operation and maintenance of a 126 kilometer toll project from Ghaziabad to Aligarh on National Highway 34 (NH34). On the occasion, Bajrang Kumar Choudhary, Managing Director, BRNL 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." /IANS


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