HCC sells road asset to Singapore's Cube Highways for Rs 3.7 bn

Company says additional consideration may be paid based on certain developments

Infrastructure developer HCC has signed an agreement with Cube Highways and lnfrastructure II Pte, a Singapore-based entity. to sell its entire stake in Farakka-Raiganj Highways for an equity consideration of Rs 3.72 billion, the company said in a statement to BSE. 

"HCC Concessions, being the infrastructure development arm of the HCC Group, has executed a definitive agreement in respect of 100 per cent stake sale of Farakka-Raiganj Highways Ltd (FRHL), to Cube Highways and lnfrastructure II Pte. Ltd, an entity based in Singapore," HCC said in its statement.