Service: Merger & Acquisition

1st Toll Road Closure During Pandemic

Deal Highlights:

  • The deal involves HCC Group selling 100% stake in Farakka Raiganj Highways Limited (“FRHL”) to Singapore based Cube Highways
  • This deal will be the first road asset closure amid the global pandemic and the on-going uncertainty around traffic on the toll road assets
  • The deal further strengthens our IB’s infrastructure franchise and once again demonstrates our ability to close marquee deals for quality clients, independent of the market environment
  • Combination of structures used for the first time in roads sector to enable future payouts

About FRHL:

  • FRHL had been awarded the project for four-laning of Farakka Raiganj section (approx. 100 km) of NH-34 in the state of West Bengal on Design, Build, Finance, Operate and Transfer (DBFOT) Toll basis by NHAI for a concession life of 30 years
  • FRHL is a wholly-owned subsidiary of HCC Concessions Limited, a HCC Group Company for developing and operating road projects

1Deal value indicates Enterprise Value which includes Equity Value of ₹ 6,030 mn

Exclusive financial advisor to the Shapoorji Pallonji Group for the sale of their renewable energy portfolio to KKR

Deal Highlights:

  • The deal involves SP Group selling 100% stake in 317 MW* of operational solar assets
  • The portfolio comprises of 169 MW* in Maharashtra and 148 MW* in Tamil Nadu
  • This will be KKR’s first investment in the renewable energy sector in India
  • The deal further strengthens our IB’s infra franchise and once again demonstrates our ability to close marquee deals for quality clients

Parin Mehta, Head Infrastructure, IB said, “We are very happy to be associated with the SP Group on this transaction. This deal is a big reinforcement to the fact that well built quality infrastructure assets will always find credible investors, independent of the market environment. With this deal, Edelweiss IB has announced a transaction each in transmission (IndiGrid – May 19), roads (CDPQ – Oct 19) and renewable (SP – April 20) sectors in the last 12 months”

About Shapoorji Pallonji Group:

With a legacy of 154 years, the SP Group operates in 70+ countries with a global turnover of over USD 5 billion. SP Infra is the infrastructure development arm with assets and businesses in the renewable and gas-based power, highways, port and terminals in India and overseas.

* DC