<p>Kolkata-based road developer Bharat Road Network Limited (BRNL) and its partners have exited the Ghaziabad-Aligarh toll road project by selling their stake to global infrastructure group I Squared Capital's Cube Highways, a company statement said.</p>.<p>BRNL held a 39 per cent stake in Ghaziabad-Aligarh Expressway Private Limited — the special purpose vehicle that developed and operated the 126-km toll road on NH-34.</p>.<p>PNC Infra and its associates held a 35 per cent stake and the balance 26 per cent was with Galfar Engineering and its associates.</p>.<p>"BRNL along with its partners has signed an agreement with Cube Highways, a portfolio company of I Squared Capital, for the complete transfer of ownership" in Ghaziabad-Aligarh Expressway Pvt Ltd, the firm said in the statement.</p>.<p>The proceeds from the sale will be utilised to reduce debt and also capitalise on growth opportunities in the highways sector.</p>.<p>The transaction is done at an enterprise value of up to Rs 1,600 crore, the statement said.</p>.<p>The share purchase agreement provides for the sale of the entire stake in Ghaziabad-Aligarh Expressway Private Limited, the special purpose vehicle (SPV) engaged in the development, operation and maintenance of a 126-kilometer toll road project from Ghaziabad to Aligarh on National Highway 34, it added.</p>.<p>The project has been granted a 24-year concession in 2011 for strengthening and widening the two-lane highway, the statement said, adding toll collection on this road started in June 2015.</p>.<p>"We continue to explore opportunities for value creation through our portfolio realignment. We remain focused towards optimising value through such strategic exits and are equally committed to raise resources to capitalise on the current and upcoming primary and secondary market opportunities in the highway sector," BRNL Managing Director Bajrang Kumar Choudhary said.</p>.<p>The transaction is subject to regulatory approvals and other closing conditions, it noted.</p>.<p>BRNL is a road BOT (build, operate, transfer) company in India, focused on the development, implementation, operation and maintenance of roads and highways projects.</p>.<p>It has a project portfolio worth Rs 7,000 crore consisting of six operational BOT projects, covering 2,095 lane kilometres across Uttar Pradesh, Kerala, Haryana, Madhya Pradesh, Maharashtra and Odisha.</p>.<p>Cube Highways and Infrastructure Pte is a Singapore-based company investing in road and highway projects, along with other select infrastructure sectors in India.</p>
<p>Kolkata-based road developer Bharat Road Network Limited (BRNL) and its partners have exited the Ghaziabad-Aligarh toll road project by selling their stake to global infrastructure group I Squared Capital's Cube Highways, a company statement said.</p>.<p>BRNL held a 39 per cent stake in Ghaziabad-Aligarh Expressway Private Limited — the special purpose vehicle that developed and operated the 126-km toll road on NH-34.</p>.<p>PNC Infra and its associates held a 35 per cent stake and the balance 26 per cent was with Galfar Engineering and its associates.</p>.<p>"BRNL along with its partners has signed an agreement with Cube Highways, a portfolio company of I Squared Capital, for the complete transfer of ownership" in Ghaziabad-Aligarh Expressway Pvt Ltd, the firm said in the statement.</p>.<p>The proceeds from the sale will be utilised to reduce debt and also capitalise on growth opportunities in the highways sector.</p>.<p>The transaction is done at an enterprise value of up to Rs 1,600 crore, the statement said.</p>.<p>The share purchase agreement provides for the sale of the entire stake in Ghaziabad-Aligarh Expressway Private Limited, the special purpose vehicle (SPV) engaged in the development, operation and maintenance of a 126-kilometer toll road project from Ghaziabad to Aligarh on National Highway 34, it added.</p>.<p>The project has been granted a 24-year concession in 2011 for strengthening and widening the two-lane highway, the statement said, adding toll collection on this road started in June 2015.</p>.<p>"We continue to explore opportunities for value creation through our portfolio realignment. We remain focused towards optimising value through such strategic exits and are equally committed to raise resources to capitalise on the current and upcoming primary and secondary market opportunities in the highway sector," BRNL Managing Director Bajrang Kumar Choudhary said.</p>.<p>The transaction is subject to regulatory approvals and other closing conditions, it noted.</p>.<p>BRNL is a road BOT (build, operate, transfer) company in India, focused on the development, implementation, operation and maintenance of roads and highways projects.</p>.<p>It has a project portfolio worth Rs 7,000 crore consisting of six operational BOT projects, covering 2,095 lane kilometres across Uttar Pradesh, Kerala, Haryana, Madhya Pradesh, Maharashtra and Odisha.</p>.<p>Cube Highways and Infrastructure Pte is a Singapore-based company investing in road and highway projects, along with other select infrastructure sectors in India.</p>