May 21, 2018 / 11:51 AM / a year ago

Brazil's CCR asks court to modify highway concession in soy country

SAO PAULO, May 21 (Reuters) - Brazilian toll road company CCR SA has asked a court to force the nation’s ANTT ground transport agency to modify the terms of a highway concession the company won in 2013, a newspaper reported on Monday.

According to business paper Valor Economico, CCR is asking a Brazilian court to change the terms of a concession a CCR subsidiary won to operate 845 kilometers (525 miles) of BR-163 in interior Mato Grosso do Sul state, a key soy transport route. The company says the original terms of the deal are now economically inviable.

CCR had agreed to invest 4.3 billion reais ($1.15 billion) in the road, the paper said. However, those plans were complicated after Brazilian state development bank BNDES financed only 40 percent of the project after initially agreeing to finance 70 percent.

At the same time, rising asphalt prices and decreasing traffic affected the viability of the concession terms.

Neither CCR nor ANTT immediately responded to requests for comment or confirmation on Monday.

($1 = 3.74 reais)

Reporting by Gram Slattery; Editing by Steve Orlofsky

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