PNC Infratech Gains NHAI Nod for Road Projects Transfer

PNC Infratech received NHAI approval to transfer its stake in three subsidiaries for Uttar Pradesh road projects to Highways Infrastructure Trust. The transfer is part of a Rs 9,005 crore deal involving twelve road assets with KKR & Co Inc's InvIT. The majority of the deal is expected to close by March 2025.

In a strategic move, PNC Infratech has secured approval from the National Highways Authority of India (NHAI) for transferring its entire stake in three road project subsidiaries in Uttar Pradesh to Highways Infrastructure Trust.

This transaction is part of a larger Rs 9,005 crore agreement with Highways Infrastructure Trust, an investment trust controlled by KKR & Co Inc, involving twelve road assets owned by PNC Infratech and PNC Infra Holdings. These assets include eleven National Highway Hybrid Annuity Mode (HAM) assets and one State Highway BOT Toll asset across several Indian states.

The transition, initiated in January 2024, has almost reached its final phase, with approvals pending for seven more assets expected by mid-December. The company aims to finalize the transfer of ten out of twelve assets by March 31, 2025, accounting for 85 percent of the deal value. The completion of the remaining assets is anticipated by the first half of FY26.

(With inputs from agencies.)