BRNL signs deal with Cube Highways in UP
Bharat Road Network Limited (BRNL), one of India’s leading road developers, 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 an operating toll road project in the state of Uttar Pradesh, India. BRNL currently holds 39% stake in this project.
The Share Purchase Agreement provides for the sale of entire stake in Ghaziabad Aligarh Expressway Private Limited, the special purpose vehicle (SPV) engaged in the development, operation and maintenance of a 126-kilometre toll road project
from Ghaziabad to Aligarh on National Highway 34 (“NH34”). The project has been granted a 24-year concession in 2011 for strengthening and widening the two-lane highway. Toll collection on this road started in June 2015.