HCC sells 14.5 per cent stake in subsidiary to Xander Group
29 Sep 2011
Hindustan Construction Company (HCC) today said it had sold a 14.5-per cent stake in its step-down subsidiary HCC Concessions to Xander Group for Rs240 crore.
"HCC Concessions, which designs, finances, builds and operates transport infrastructure, has raised Rs. 240 crore to fully fund its existing projects and to further grow the portfolio in partnership with Xander," HCC said in a filing to the Bombay Stock Exchange (BSE).
Xander Group, an investment firm is focused on the hospitality, infrastructure, retail and real estate sectors.
The company has a commitment of $1.8 billion to the Indian market through dedicated India funds since 2005.
Currently the Rs5,500 crore HCC Concessions' portfolio includes an annuity project, five toll roads and six NHAI concessions.
HCC chairman and managing director, Ajiit Gulabchand said that with the government's added impetus to the PPP model, HCC was glad to partner with Xander to transform infrastructure more rapidly in India.