Mumbai (Maharashtra) [India], March 31 (ANI): HCC Concessions Ltd (HCON), the infrastructure development arm of HCC Group, said on Wednesday it has concluded conciliation with National Highways Authority of India (NHAI) for all disputes concerning Baharampore-Farakka Highways Ltd (BFHL) and Farakka-Raiganj Highways Ltd (FRHL).
The special purpose vehicles entered into settlement agreements with NHAI for a comprehensive closure of all outstanding disputes and claims between the parties.
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 existing contractual understanding with FRHL's buyer, Cube Highways and Infrastructure II Pte Ltd.
"HCC today settled disputes pertaining to its largest BOT projects, and we are thankful for the opportunity provided by the conciliation mechanism encouraged by Ministry of Road Transport and Highways and NHAI," said HCC Group's CEO Arjun Dhawan.
"The proceeds of conciliation shall be used to expedite completion of our key projects and to strengthen HCC's participation in future works of nation-building," he said.
BFHL and FRHL are among the largest public private partnership (PPP) projects in the country. They encompass 200 km of West Bengal's main artery NH-34 and pass through major towns like Baharampore, Farakka, Kaliachawk, Malda, and Gajol besides being the only link over river Ganges in the region. (ANI)