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.