Highway Infrastructure Trust's acquires PNC Infratech's 12 SPVs

20 Aug 2024 CW Team

The Competition Commission of India (CCI) has approved the acquisition of a 100% equity stake, management, and control in 12 special purpose vehicles (SPVs) of PNC Infratech Limited and PNC Infra Holdings by Highway Infrastructure Trust.

Highway Infrastructure Trust, an irrevocable trust established under the Indian Trusts Act, 1882, is registered with the Securities Exchange Board of India (SEBI) as an infrastructure investment trust. The trust's primary activities, as prescribed under the SEBI (Infrastructure Investment Trusts) Regulations, 2014, involve owning and operating roads and highways in India through its SPVs, which have been granted government concessions. Galaxy Investments II Pte. Limited sponsors the trust, while Highway Concessions One Private Limited (HC One) serves as the investment manager.

The PNC SPVs, created specifically for infrastructure projects, have entered into concession agreements with the National Highway Authority of India (NHAI) and the Uttar Pradesh State Highways Authority. These agreements involve the holding, development, operation, and maintenance of infrastructure projects under the Hybrid Annuity Model and Build-Operate-Transfer arrangements.

A detailed order from the CCI will be issued subsequently. (PIB.gov)

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