HCC Concessions Limited (in which Company, through wholly owned subsidiary HCC Infrastructure Company Limited, holds 85.45%), being the infrastructure development arm of the HCC Group, has executed a definitive agreement in respect of 100% stake sale of Farakka-Raiganj Highways Ltd (FRHL), its concessionaire subsidiary, to Cube Highways and Infrastructure II Pte. Limited, an entity based in Singapore.

Consideration received from sale/disposal

An equity consideration of Rs. 372 Crores for 100% equity stake (subject to requisite approvals) which will be subject to certain closing adjustments. Further, certain additional consideration may be paid based on contingencies such as completion of the balance section of the project highway, resolution of certain disputes with the NHAl and certain earnouts which, individually or in aggregate, may have a significant impact on the aforementioned consideration