PNC Infratech Secures NHAI Nod to Transfer Road Projects in Rs 9,005 Crore Deal
PNC Infratech has received approval from the National Highways Authority of India (NHAI) to transfer a 100% stake in three of its subsidiaries involved in road projects in Uttar Pradesh to Highways Infrastructure Trust (HIT). This move is part of a Rs 9,005 crore deal with HIT, an Infrastructure Investment Trust (InvIT) managed by KKR & Co Inc., which includes the divestment of twelve road assets spanning nearly 3,800 lane kilometres across Karnataka, Madhya Pradesh, Rajasthan, and Uttar Pradesh. The subsidiaries approved by NHAI for transfer are PNC Bithur Kanpur Highways, PNC Gomti Highways, and PNC Aligarh Highways.
The transaction, signed in January 2024, involves eleven National Highway Hybrid Annuity Mode (HAM) assets and one State Highway BOT Toll asset. According to sources, PNC Infratech is finalizing approvals from highway authorities and lenders to meet conditions for the deal, with plans to close ten of the twelve asset transfers by March 2025, representing 85% of the deal value. The remaining two assets are expected to be completed by the first half of FY26. The deal highlights the growing use of InvIT structures to attract investments in revenue-generating infrastructure projects.
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