HCC Group to receive Rs 1,259 crore from NHAI BOT conciliations

HCC Concessions Ltd (HCON), the infrastructure development arm of HCC Group, concluded its conciliation with NHAI for all disputes concerning Baharampore-Farakka Highways Ltd (BFHL) and Farakka-Raiganj Highways Ltd (FRHL).

The SPVs entered into settlement agreements with NHAI for a comprehensive closure of all outstanding disputes and claims between the parties, said a press release.

According to the release, BFHL will receive Rs.405 crore while FRHL will receive Rs.854 crore from the NHAI; FRHL will release the settlement proceeds and further sums to HCC Group per the existing contractual understanding with FRHL’s buyer, Cube Highways & Infrastructure II Pte Ltd (Cube).

Besides part use of funds for NHAI project completion and an exit to the Xander Group, which hold a 14.55 pc share in HCON, a substantial portion of funds will be received by HCC as a settlement of their cost claim, added the release.