Bhubaneswar: Bharat Road Network Limited (BRNL), one of India’s leading road developers, has completed sale of its entire stake in Shree Jagannath Expressways Pvt Ltd (SJEPL) to India Highway Concession Trust, an infrastructure investment trust set up by Caisse de depot et placement du Quebec (CDPQ), a global institutional investor. SJEPL operates a 67 km toll road from Bhubaneswar to Chandikhole in Odisha.
BRNL received the consideration, which has been used towards respective debt repayments and is entitled to receive its proportionate share out of Rs 700 crore of claims currently under conciliation with NHAI.
This divestment follows a SPA agreement signed between BRNL and its partners with IHCT in January last year for complete transfer of ownership of SJEPL, the special purpose vehicle (SPV) engaged in the development, operation and maintenance of a 67 kilometre toll road project from Bhubaneswar to Chandikhole, in Odisha. BRNL is currently the largest shareholder with 40 per cent stake in the project.
(with inputs from IANS)
