NCC to sell UP, Bangalore tollway projects: Sources

Hyderabad-based Nagarjuna Construction Company (NCC) is in talks with investors to offload its stake in two highway projects, says sources. Sources say that the company is in talks to sell its equity stake in two tollway projects, one in UP and other in Bangalore. NCC holds 51 percent in the UP project and 38 percent in the Bangalore project. CNCB-TV18’s Navin Shetty quoting sources say that the company is in talks with three private equity companies – IDFC Alternatives, Uniquest Infra and I-Squared Capital for the same. The company is hopeful of getting nearly Rs 200-250 crore via sale of two projects. UP project is expected to be sold for close to Rs 120-130 crore while the Bangalore project will fetch Rs 100-120 crore for the company. The deal is expected to be completed by the end of this fiscal year.NCC’s consolidated debt stand at Rs 3,700 to 3,800 crore and the sale of two projects will help reduce debt by almost Rs 560 crore.