Cube Highways and Infrastructure, the Singapore-based investment firm which is determinedly building a formidable roads platform, has now agreed to purchase 39% stake in the toll road Ghaziabad Aligarh Expressway Private Limited from Bharat Road Network Ltd (BRNL) for an undisclosed amount.
BRNL announced the sale in a notice to stock exchanges but did not disclose the transaction value. It said “The equity value of the proposed transaction is subject to adjustments of debt and other capital and operational costs at closing date and hence, net consideration receivable is not ascertainable at this stage."
However, the Press Trust of India reported that the toll road has an enterprise valuation of ₹1,830 crore, which includes debt of ₹1,500 crore.
In its annual report, BRNL said the project registered daily toll revenue of ₹40.76 lakh in FY17.
The exchange notice said that the proposed transaction is subject to applicable regulatory and other approvals and certain conditions, more specifically laid down in the share purchase agreement. Therefore, expected date of completion of sale/disinvestment could be ascertained at this stage.