Piramal Group, which is currently engaged in negotiations with Hindustan Construction Company (HCC) to buy its road assets, has actually lined up a staggering sum worth Rs. 60,000cr to buy about 200 SPVs or assets in the Indian road and highway sector in the next few years. The group has recently signed non-binding agreements with Piramal for two of the three road projects, which include Baharampore-Farakka Highway project and Farakka-Raiganj Highways and that both the deals are subject to the outcome of the due-diligence process.
In addition, the HCC is also in discussions with scores of players to sell its three road projects in West Bengal as part of the group's de-leveraging exercise. According to the chief financial officer, HCC, Praveen Sood, the company is looking to sell its road assets and is also in the process of selling its 26% stake in 247 HCC Park, a commercial project in Mumbai. It may be recalled that Piramal Structured Investments, an entity within the Piramal Capital, which is a part of Piramal Enterprises, has been looking for opportunities to invest in infrastructure sector and road sector forms an important part of that investment strategy.