PNC Infratech Limited, along with its
wholly owned subsidiary PNC Infra Holdings Limited, has completed the sale of
equity stake in ten road assets to Highways Infrastructure Trust (HIT), an
Infrastructure Investment Trust sponsored by affiliates of KKR & Co Inc.
The handover of these Special Purpose Vehicles (SPVs) took place on 21st and
22nd May 2025.
The divestment forms part of a transaction
originally announced in January 2024, involving 12 road assets—11 national
highway hybrid annuity mode (HAM) projects and one state highway BOT toll
project. These assets cover approximately 3,800 lane-kilometres across Uttar
Pradesh, Madhya Pradesh, Karnataka, and Rajasthan.
The ten HAM assets sold under Tranche I
fetched an equity consideration of Rs 18.28 billion, post scope adjustments.
Additionally, PNC will receive Rs 6.24 billion for change-of-scope works and Rs
two billion in other receivables, not included in the equity consideration. The
original equity invested in these assets was Rs 13.71 billion.
Sale of the remaining two assets is
expected in the first half of FY26, subject to conditions precedent. The
transaction aligns with PNC’s strategy to recycle capital and invest in new
infrastructure opportunities.
Source:
Press release issued by PNC Infratech Limited
