HCC Consessions, the infrastructure development arm of the HCC Group, today announced the sale of Nirmal BOT, its annuity project in Andhra Pradesh to Highway Concession One.

HCC Concessions shall receive total consideration of Rs 640 million for the transaction. Highway Concessions One will acquire 74% equity stake upfront, while the balance 26% equity stake shall be acquired upon receipt of an approval from NHAI.

Additionally, Nirmal has also received an arbitration award in its favour for Rs 166.7 million, which shall be payable to HCC, upon receipts.

Arjun Dhawan, president & CEO, HCC Concessions said, "This sale furthers our commitment to create value for shareholders. We take great pleasure in strengthening our relationship with IDFC as we transfer the custody of this PPP asset developed by the HCC Group."

Shares of the company gained Rs 0.6, or 1.85%, to trade at Rs 33.05. The total volume of shares traded was 875,999 at the BSE (1.16 p.m., Friday).