Pan India project worth ₹7,000 crore, Bharat Road Network Ltd. (BRNL) along with its partners signed an agreement with Singapore based Cube Highways for the complete transfer of ownership in an operating toll road project in Uttar Pradesh. The revenue generated will help achieve reduction in debt and opportunities to capitalize on growth in the highway sector. BRNL currently holds 39% stakes in this project. The transaction is done at an enterprise value of up to ₹1,600 crore.
“We continue to explore opportunities for value creation through our portfolio realignment. We remain focused towards optimizing value through such strategic exits and are equally committed to raise resources to capitalize on the current and upcoming primary and secondary market opportunities in the highway sector,” Bajrang Kumar Choudhary, Managing Director, BRNL said.