In a significant development, PNC Infratech has received in-principle approvals from the National Highways Authority of India (NHAI) for two more assets, namely Bundelkhand and Khajuraho Highway projects. This brings the total number of approved assets to 10, with the remaining two expected to receive approvals by January end.
The approvals are a crucial milestone in the ₹9,005.7 crore deal between PNC Infratech and KKR-backed Highways Infrastructure Trust (HIT). The transaction involves the divestment of 12 road assets, comprising 11 National Highway (NH) Hybrid Annuity mode (HAM) assets and 1 State Highway BOT Toll asset.
With the approvals in place, PNC Infratech is now in the process of fulfilling the conditions precedent (CPs) for the transaction. The company has already obtained no-objection certificates (NOCs) from almost all the lenders.
The deal is expected to be closed by March 31, 2025, with the divestment of 10 assets comprising around 85% of the total deal value. The remaining two assets are expected to be completed by H1FY26.
The transaction is aligned with PNC Infratech’s strategic objective of recycling capital invested in operating road assets to leverage the government’s ambitious growth vision for the sector.
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