IDFC

Realized / Partly Realized Investments

Roads
IDFC Project Equity

Highway Concessions One Private Limited

Sector: Transport Infrastructure - Roads
Stage: Operating

   
 

Investment description

Highway Concessions One Private Limited (“HC1”) earlier known as Piramal Roads Infra Limited, is a road asset holding company owned and controlled by India Infrastructure Fund (“IIF”). HC1 has been incorporated with the objective of acquiring and managing operating road assets.

As on date, HC1 has ownership interest in two operating road assets:
a. Ashoka Highways Durg Limited (“AHDL”) - An SPV promoted by Ashoka Buildcon Limited for upgrading and widening the 82.6 km long section on NH-6, that connects Durg city bypass to the Chhattisgarh/ Maharashtra border in the state of Chhattisgarh.
b. SMS Shivnath Infrastructure Limited (“SSIL”) - An SPV promoted by the Nagpur based SMS Group for development and operations of the 18.4 km bypass road at Durg, Chhattisgarh.

HC1 has also entered into a Management Services Contract to manage GMR Ulundurpet Expressways Private Limited (“GUEL”) on behalf of IIF. GUEL is an SPV that connects Tindivanam to Ulundurpet in the state of Tamil Nadu, covering 73 km on NH-45. IIF had acquired 74% equity stake in GUEL in 2013. Balance 26% stake is held by the GMR group.

In addition to IIF, Ashok Piramal Group (“APG”) and SNC Lavalin Inc. (“SNC”) are the other shareholders of HC1. APG and SNC together own a minority stake in the company. APG is a large diversified conglomerate with presence in real estate, textiles, engineering, and entertainment & sports with Peninsula Land Limited being its flagship enterprise and SNC-Lavalin is amongst the top ten largest engineering firms in the world.

   
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