HCC Concessions, a fully-owned subsidiary of Hindustan Construction Company (HCC) on Thursday said it has sold a 14.5% stake in the company to Xander Group for Rs 240 crore.
The transaction values HCC Concessions at Rs 1,650 crore.
Xander Group is a global private equity investment firm with a focus on real estate, hospitality and infrastructure. The company has committed around
$1.8 billion in Indian market across five India dedicated funds.
HCC Concessions has a Rs 5,500 crore portfolio with some toll road projects. "With government's added impetus to the PPP model, we are glad to partner with Xander to transform infrastructure more rapidly in India," said Ajit Gulabchand, chairman and managing director, HCC.