PNC Infra Gets NHAI Nod To Transfer 100 Pc Stake In 3 Subsidiaries To Highways Infra Trust <meta name="twitter:card" content="summary_large_image"> <meta name="twitter:site" content="@ManashjyotiS"> <meta name="twitter:title" content="PNC Infra Gets NHAI Nod To Transfer 100 Pc Stake In 3 Subsidiaries To Highways Infra Trust"> <meta name="twitter:description" content="<p style="text-align: justify;">New Delhi: Infrastructure company PNC Infratech on Friday said it has received approval from NHAI to transfer a 100 per cent stake held by it in its three subsidiaries (SPVs) for Uttar Pradesh road projects to Highways Infrastructure Trust. The company, in a regulatory filing, said the three highway projects are a part of the statutory process pursuant to the Rs 9,005 crore deal between PNC Infratech, PNC Infra Holdings (a subsidiary of PNC Infratech), and Highways Infrastructure Trust (HIT), an InvIT controlled by KKR & Co Inc, for 12 road assets.</p> <p style="text-align: justify;"><strong>ALSO READ: <a class="fw-bold" href="../ntpc-green-energy-ipo-fully-subscribed-listing-scheduled-for-november-27" target="_blank" rel="noopener">NTPC Green Energy IPO Fully Subscribed, Listing Scheduled For November 27</a></strong></p> <p><strong><img class="img-responsive" style="display: block; margin-left: auto; margin-right: auto;" title="National Highways Authority of India (NHAI).jpg" src="../storage/app/public/post/inner-photo/blobid1732340589575.jpg" alt="" width="478" height="326"></strong></p> <div class="flex max-w-full flex-col flex-grow"> <div class="min-h-8 text-message flex w-full flex-col items-end gap-2 whitespace-normal break-words [.text-message+&]:mt-5" dir="auto" data-message-author-role="assistant" data-message-id="558832c2-1d62-45dc-9009-161d589388c2" data-message-model-slug="gpt-4o"> <div class="flex w-full flex-col gap-1 empty:hidden first:pt-[3px]"> <div class="markdown prose w-full break-words dark:prose-invert light"> <p style="text-align: center;"><span style="font-size: 8pt;"><em>PNC Infratech secures NHAI approval to transfer a 100% stake in three road project subsidiaries to Highways Infrastructure Trust under a ₹9,005 crore deal with KKR-backed InvIT, aiming for substantial asset divestments by FY25.</em></span></p> </div> </div> </div> </div> <div class="mb-2 flex gap-3 empty:hidden -ml-2"> <div class="items-center justify-start rounded-xl p-1 flex"> </div> </div> <p style="text-align: justify;">The three subsidiaries/SPVs, which got approval from the National Highways Authority of India (NHAI), are PNC Bithur Kanpur Highways Private Ltd, PNC Gomti Highways Private Ltd and PNC Aligarh Highways Private Ltd. The deal, signed in January 2024, involves the divestment of twelve road assets owned by PNC Infratech and PNC Infra Holdings for an enterprise value of Rs 9,005 crore. It includes eleven National Highway (NH) Hybrid Annuity mode (HAM) assets and one State Highway BOT Toll asset with approximately 3,800 lane kilometres in Karnataka, Madhya Pradesh, Rajasthan and Uttar Pradesh.</p> <p style="text-align: justify;"><a href="https://economictimes.indiatimes.com/news/economy/infrastructure/pnc-infra-gets-nhai-nod-to-transfer-100-pc-stake-in-3-subsidiaries-to-highways-infra-trust/articleshow/115561201.cms?from=mdr" target="_blank" rel="noopener"><strong>PNC Infratech Set to Close Deal for 10 Assets by March 2025, Eyes Infrastructure InvIT Launch</strong></a></p> <p style="text-align: justify;">According to a source aware of the development, PNC Infratech is in the process of fulfilling the conditions precedents for the deal viz. 'change in control' approvals from the highway authorities and no objection certificates from the lenders to the projects. "PNC Infratech has obtained a change in control approval from NHAI for three of the assets, and approvals for seven more assets are expected by mid-December," said the source. </p> <p style="text-align: justify;"><strong>ALSO READ: <a class="fw-bold" href="../pvr-inox-to-add-100-screens-next-year-with-investment-of-around-rs-200-crore" target="_blank" rel="noopener">PVR INOX To Add 100 Screens Next Year With Investment Of Around Rs 200 Crore</a></strong></p> <p style="text-align: justify;">"With NOCs obtained from most of the lenders, PNC Infratech is expected to close the deal for ten of the twelve assets by the close of this financial year (March 31, 2025), comprising 85 per cent of the total deal value," he added. According to him, the deal for the remaining two assets is expected to be completed by H1 FY26. Infrastructure Investment Trust (InvIT) is an instrument on the pattern of mutual funds, designed to pool money from investors and invest in assets that will provide cash flows over a period of time. </p>"> <meta name="twitter:image" content="https://business-northeast.com/image-compress.php?imgpath=https://www.business-northeast.com/storage/app/public/post/feature-img/809871732340686.jpeg"> <meta property="og:image" content="https://business-northeast.com/image-compress.php?imgpath=https://www.business-northeast.com/storage/app/public/post/feature-img/809871732340686.jpeg">

PNC Infra Gets NHAI Nod To Transfer 100 Pc Stake In 3 Subsidiaries To Highways Infra Trust

BNE News Desk ,

November 23, 2024

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New Delhi: Infrastructure company PNC Infratech on Friday said it has received approval from NHAI to transfer a 100 per cent stake held by it in its three subsidiaries (SPVs) for Uttar Pradesh road projects to Highways Infrastructure Trust. The company, in a regulatory filing, said the three highway projects are a part of the statutory process pursuant to the Rs 9,005 crore deal between PNC Infratech, PNC Infra Holdings (a subsidiary of PNC Infratech), and Highways Infrastructure Trust (HIT), an InvIT controlled by KKR & Co Inc, for 12 road assets.

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PNC Infratech secures NHAI approval to transfer a 100% stake in three road project subsidiaries to Highways Infrastructure Trust under a ₹9,005 crore deal with KKR-backed InvIT, aiming for substantial asset divestments by FY25.

The three subsidiaries/SPVs, which got approval from the National Highways Authority of India (NHAI), are PNC Bithur Kanpur Highways Private Ltd, PNC Gomti Highways Private Ltd and PNC Aligarh Highways Private Ltd. The deal, signed in January 2024, involves the divestment of twelve road assets owned by PNC Infratech and PNC Infra Holdings for an enterprise value of Rs 9,005 crore. It includes eleven National Highway (NH) Hybrid Annuity mode (HAM) assets and one State Highway BOT Toll asset with approximately 3,800 lane kilometres in Karnataka, Madhya Pradesh, Rajasthan and Uttar Pradesh.

PNC Infratech Set to Close Deal for 10 Assets by March 2025, Eyes Infrastructure InvIT Launch

According to a source aware of the development, PNC Infratech is in the process of fulfilling the conditions precedents for the deal viz. 'change in control' approvals from the highway authorities and no objection certificates from the lenders to the projects. "PNC Infratech has obtained a change in control approval from NHAI for three of the assets, and approvals for seven more assets are expected by mid-December," said the source.

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"With NOCs obtained from most of the lenders, PNC Infratech is expected to close the deal for ten of the twelve assets by the close of this financial year (March 31, 2025), comprising 85 per cent of the total deal value," he added. According to him, the deal for the remaining two assets is expected to be completed by H1 FY26. Infrastructure Investment Trust (InvIT) is an instrument on the pattern of mutual funds, designed to pool money from investors and invest in assets that will provide cash flows over a period of time.