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HCC share price hits upper circuit on sale of Farakka Raiganj Highways

HCC Concessions Ltd, the infrastructure development arm of HCC Group, completed its 100 percent sale of Farakka-Raiganj Highways Limited to Cube Highways and Infrastructure II Pte Ltd., the company said in an exchange filing.

September 23, 2020 / 10:33 IST
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Hindustan Construction Company (HCC) share price jumped over 9 percent in the morning session on September 23 after the firm sold Farakka Raiganj Highways to Cube Highways.

HCC Concessions Ltd, the infrastructure development arm of HCC Group, completed its 100 percent sale of Farakka-Raiganj Highways Limited to Cube Highways and Infrastructure II Pte Ltd., the company said in an exchange filing.

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FRHL, which forms part of the main arterial highway in West Bengal, is among the largest Public-Private Partnership (PPP) projects in India, with an enterprise valuation of Rs.1,508 crore, comprising debt of Rs 905 crore and an equity valuation of Rs 603 crore, the company said.