HCC sells Farakka Raiganj Highway to Cube at Rs 1,508 cr enterprise value

Sale is part of HCC's larger effort to pare debt at company level. A separate process to sell an SPV that holds half the firm's debt and significant claims is also underway

Hindustan Construction Co (HCC) on Tuesday said the company has closed the sale of its Farakka Raiganj Highway project to Cube Highways at an enterprise value of Rs 1508 crore. The company also looks to raise another Rs 1,000 crore from various sources by next year.

The road sale is part of HCC’s larger effort to reduce debt at the company level. A separate process to sell a special purpose vehicle (SPV) which holds half of the company’s debt and significant claims is also underway. Tuesday’s road deal will lead to debt reduction of Rs 1,000 crore, with Rs 900