PNC Infratech, along with its wholly owned subsidiary PNC Infra Holdings, has successfully completed the sale of its equity stake in PNC Bareilly Nainital Highways—a BOT (Toll) road project—to Vertis Infrastructure Trust (VIT), formerly known as Highways Infrastructure Trust. VIT is an Infrastructure Investment Trust sponsored by affiliates of KKR & Co. Inc.

This transaction represents the completion of the second tranche of the strategic asset divestment programme announced in January 2024. The agreement with VIT involves the transfer of a 12-asset portfolio comprising 11 National Highway Hybrid Annuity Model (HAM) projects and one State Highway BOT (Toll) project, covering an aggregate length of approximately 3,800 lane-km across Uttar Pradesh, Madhya Pradesh, Karnataka, and Rajasthan.

The first tranche, completed on 22 May 2025, involved the sale of equity stakes in 10 NH HAM assets.

With the transfer of PNC Bareilly Nainital Highways now concluded, the company has completed the divestment of 11 out of the 12 assets under the definitive agreement. The transaction was completed at an enterprise value of Rs 7.16 billion, which includes Rs 1.53 billion received against equity and debentures and Rs 2.39 billion against unsecured loans on 31 July and 1 August 2025.

Additionally, the company expects to receive further receivables of approximately Rs 800 million from VIT, as per the terms outlined in the agreement.

The final asset under the deal—PNC Challakere Karnataka Highways, a HAM project—is expected to be divested in the first half of FY26, subject to the fulfilment of remaining conditions precedent.