Bharat Road Network (BRNL) has inked a deal with Cube Highways for the sale of 126 km road project in Uttar Pradesh.

BRNL has signed an agreement with Cube Highways, a portfolio company of I Squared Capital, for complete transfer of ownership in an operating toll road project in the state of Uttar Pradesh. BRNL currently holds 39 percent stake in this project.

The Share Purchase Agreement provides for the sale of entire stake in Ghaziabad Aligarh Expressway, the special purpose vehicle (SPV) engaged in development, operation and maintenance of 126 km toll road project from Ghaziabad to Aligarh on NH-34.

The project has been granted 24-year concession in 2011 for strengthening and widening the two-lane highway. Toll collection on this road started in June 2015.

The transaction is subject to regulatory approvals and other closing conditions.