HCC Concessions, a 100% subsidiary of Hindustan Construction Company, has concluded its transaction involving a 14.5% stake dilution to the Xander Group at a valuation of INR 16.5 billion.

The company, which designs, finances, builds and operates transport infrastructure has raised INR 2.4 billion to fully fund its existing projects and a further grow the portfolio in partnership with Xander.

Mr Ajit Gulabchand CMD of HCC said that "We are excited about the potential of the BOT concessions business and have created an HCC vertical to capitalize on the opportunity. With the Government's added impetus to the Public Private Partnership model, we are glad to partner with Xander to transform infrastructure more rapidly in India."

Mr Siddharth Yog, managing partner of The Xander Group said that "HCC is a pre-eminent Indian infrastructure company with an established execution pedigree built over eight decades. We are very pleased to partner with HCC in growing its concessions business and we fully support its vision of building quality assets and a viable long term business."

Mr Arjun Dhawan director of HCC Concessions said that "Xander and HCC have similar traditions with a focus on the long term. I am delighted that Xander will share our commitment to serving the community by delivering the highest standards of commercial and public service in transport infrastructure concessions. The strength of our portfolio is a result of disciplined bidding, superior construction execution and strong fundamentals across the traffic corridors managed by the company."

(Sourced from www.myiris.com)