NHAI
The wholly-owned subsidiary of HCC Group, HCC Concessions Ltd (HCON), has sealed its conciliation deal with NHAI for all disputes concerning Baharampore-Farakka Highways Ltd (BFHL) and Farakka-Raiganj Highways Ltd (FRHL). BFHL and FRHL will receive ₹405 crore and ₹854 crore respectively from the NHAI. FRHL will release the settlement proceeds and further sums to HCC Group as 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 holds a 14.55% share in HCON, a substantial portion of funds will be received by HCC as a settlement of their cost claim.

As a further consequence of this conciliation, Cube will release ₹233 crore withheld as part of HCON's sale of FRHL and also require to share a significant portion of FRHL's growing revenue for the remainder of the concession's 20 years. With 100% construction completion being achieved at FRHL, toll rates will increase ~70% in FY22. Additionally, up to ₹100 crore is further payable by Cube in 2023, contingent on traffic projections being realized. Likewise, BFHL's closure of disputes with NHAI facilitates the required liquidity in the project to accelerate the completion of a Bypass, which along with the SPV's strong free cash flow from toll operations, frees HCON to monetize ₹2,000 crore mega project earlier than planned. Despite the impact of COVID-19 and partial tolling, BFHL clocked revenues of Rs.168 crore in FY21, a 16% jump over FY20. On completion, a toll increase of ~67% will further generate material free cash flow.

CEO of HCC Group, Arjun Dhawan, informed that HCC has settled the disputes pertaining to its largest BOT projects, and the company is thankful for the opportunity provided by the conciliation mechanism encouraged by MoRTH & NHAI. The proceeds of conciliation shall be used to expedite the completion of the projects and to strengthen HCC's participation in future works of nation-building.

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