Page 39 - CO_April_2023

TICKER TAPE

CUBE HIGHWAYS ACQUIRES BAHARAMPORE FARAKKA
HIGHWAY FROM HCC GROUP
I Squared Capital backed highways platform Cube Highways
has closed the acquisition of Baharampore Farakka Highways Ltd INFRASTRUCTURE
(BFHL), which owns a 101 km highway stretch in West Bengal, from
the HCC group at an enterprise value of `1,323 crore.
BFHL is a subsidiary of HCC Concessions which operates a toll road
project between Baharampore and Farakka section of NH 12 in
West Bengal, connecting Kolkata and Haldia port to North Bengal
and North Eastern states. Apart from the equity consideration of
`677 crore, HCC is entitled to an additional payout of up to `264
crorecontingent on traffic performance, which is payable in two
tranches by Q3 FY24 and Q1 FY25.
Edelweiss acted as the exclusive financial advisor to HCC group.
GREENLINE DEPLOYS ITS LNG-POWERED TRUCKS AT Cube Highways, sponsored by I Squared Capital and backed by
ULTRATECH CEMENT’S PUNE BULK TERMINAL other investors such as IFC, ADIA, Mitsubishi Corp among others,
GreenLine (Green Planet Logistics Pvt Ltd.), India’s first and only is one of the biggest investors in the India road sector having
LNG-fueled heavy trucking logistics company, has announced acquired 27 road assets since its inception, totalling to 8,400 lane
the deployment of its LNG-powered trucks at UltraTech Cement’s kilometres. 1 April that Cube Highways has raised as much as
Bulk Terminal located in Pune, Maharashtra. `4,500 crore from various investors for its maiden infrastructure
UltraTech is making strides in its commitment to sustainability and investment trust (InvIT). The InvIT comprised 19 operating road
decarbonization of its operations with this second deployment of assets owned by Cube.
GreenLine’s LNG-powered fleet of trucks, after the first deployment
at its Awarpur Cement Works near Nagpur. The use of LNG trucks is HPCL TIE UP WITH CHEVRON TO MANUFACTURE
a significant step towards achieving the company’s sustainability LUBRICANTS
targets. This development underscores UltraTech’s commitment Hindustan Petroleum has announced that it has entered in an
to scaling up its LNG fleet at its plants across the country in the agreement with global supermajor Chevron to manufacture,
coming months. distribute and market its lubricants in India. As per the agreement,
The trucks were flagged off by Tanmay Pradhan, AVP Logistics, Chevron Brands International LLC will license, manufacture,
UltraTech Cement, Nisha Jain, Plant Head, UltraTech Pune Bulk distribute, and market its lubricant products under the Caltex
Terminal, alongwith Anand Mimani, CEO, GreenLine, and other brand, including Chevron’s Havoline and Delo branded lubricant
key officials. products. HPCL has its own lubricants and these would be adding
Speaking on the association, Tanmay Pradhan, AVP Logistics, to the existing ones. The company has informed in its official filing
UltraTech Cement said, “At UltraTech, we are dedicated to with stock exchanges that Chevron Corporation has entered into
creating a sustainable future, and we are fully committed to a long-term trademark licensing agreement with HPCL.
collaborating with our partners and stakeholders to achieve our Amit Garg, Director of marketing HPCL said, “This exciting
goal of a cleaner environment. Our association with GreenLine partnership paves the way to leverage HPCL’s market leadership
is a step forward on our ongoing efforts to decrease emissions, to add value via a broader, premium product offering to Indian
enhance energy efficiency, and promote sustainability.” consumers through synergies between HPCL and Chevron.”
GreenLine’s LNG-powered trucks reduce CO2 emissions by ~28%, Hindustan Petroleum Corporation Limited is a subsidiary of ONGC.
translating to emission reduction of ~24 ton CO2 per truck per HPCL also owns and operates the largest lubricant refinery in India,
annum, compared to conventional diesel trucks. In addition, with a capacity of 335,000 metric tonnes, producing lube base
these LNG trucks significantly reduce other dangerous emissions oils of international standards.
- SOx emissions by upto 100%, NOx emissions by upto 59% and
Particulate Matter by upto 91%. J. KUMAR INFRAPROJECTS LTD RECEIVES LOA FROM
Commenting on the occasion, Anand Mimani, CEO, GreenLine, BANGALORE METRO RAIL CORPORATION LTD
said, “We are proud to again be the chosen green mobility partner J. Kumar Infraprojects Ltd has announced the receipt of Letter of
for UltraTech Cement in their endeavor to reduce carbon emissions Acceptance (LOA) from M/s. Bangalore Metro Rail Corporation
from their heavy trucking. Reducing toxic, polluting emissions from Limited for the “Construction of Airport Depot for Bangalore Metro
road logistics is crucial for businesses, and GreenLine is actively Rail Project - Phase - 2B” for a total contract cost of `182,33,99,706/-
supporting corporations in this endeavor through our fleet of LNG- (Rupees One Hundred and Eight Two Crores Thirty-Three Lacs
powered heavy-duty trucks.” GreenLine is on a green mobility Ninety-Nine Thousand Seven Hundred and Six only), exclusive of
mission and is paving the way for widespread adoption of LNG GST, in the name of J. Kumar - AICPL (Joint Venture) where the
fueled long haul trucks by showcasing its immense advantages for share of M/s. J. Kumar Infraprojects Limited is 55% which comes
corporates. GreenLine has collaborated with multiple organisations to approximately `100,28,69,838/- (Rupees One Hundred Crores
to create India’s first & only integrated green logistics ecosystem Twenty-Eight Lacs Sixty-Nine Thousand Eight Hundred and Thirty-
to make LNG trucking a reality in India. Eight only) exclusive of GST.

APRIL 2023|CONSTRUCTION OPPORTUNITIES 39