KKR to acquire 12 road projects from PNC for $1.1B

19 Jun 2023 CW Team

Eleven hybrid annuity model (HAM) roads and one build-operate-transfer (BOT) road are included in the portfolio up for sale. These projects are spread out over Rajasthan, Madhya Pradesh, and Uttar Pradesh. There were four bidders for the PNC portfolio. The company has gone ahead with KKR and the PE firm has recently started due diligence on the assets. The portfolio has an enterprise value of around ₹90 billion, with debt of around ₹69 billion.

Seven of the 12 road projects are already operational while the remaining are expected to become operational in the next three-four months. This is one of the biggest portfolio of roads on sale in the market currently.

The construction company HG Infra Engineering will sell four HAM projects to Highways Infrastructure Trust, an infrastructure investment trust (InvIT), for an enterprise value of Rs. 13.94 billion. According to a story in April's edition of ET, KKR had signed contracts to buy a 100% equity position in the Hyderabad-based Navayuga group's toll road, the Navayuga Udupi Tollway, for an estimated $924 million.

In 2021, KKR made its first investment in Indian roads when it bought out Global Infrastructure Partners' whole stake in the 487 km of Highway Concessions One (HC1) properties. Seven states—Gujarat, Karnataka, Madhya Pradesh, Meghalaya, Rajasthan, Tamil Nadu, and Telangana—are included in the HC1 road portfolio. 5 toll roads and 2 annuity roads made up the portfolio.

The Jodhpur Pali Expressway, Godhra Expressways, Dewas Bhopal Corridor, Ulundurpet Expressways, Normal BOT, and Shillong Expressway are among the assets housed under the KKR roadways InvIT. The Indian road sector has seen a surge in deal activity as foreign investors look for long-term yield-generating infrastructure assets and developers attempt to monetize their operating road projects to reduce debt and reinvest funds in new projects.

Highways Infrastructure Trust, KKR's road platform, is in negotiations to purchase a portfolio of 12 road projects from PNC Infratech, a construction company located in Agra, for an enterprise value of around Rs 90 billion (about $1.1 billion), according to two people familiar with the situation. If the sale goes through, it will mark the US-based private equity firm's (PE) largest acquisition of road projects in India. Eleven hybrid annuity model (HAM) roads and one build-operate-transfer (BOT) road are included in the portfolio up for sale. These projects are spread out over Rajasthan, Madhya Pradesh, and Uttar Pradesh. There were four bidders for the PNC portfolio. The company has gone ahead with KKR and the PE firm has recently started due diligence on the assets. The portfolio has an enterprise value of around ₹90 billion, with debt of around ₹69 billion. Seven of the 12 road projects are already operational while the remaining are expected to become operational in the next three-four months. This is one of the biggest portfolio of roads on sale in the market currently. The construction company HG Infra Engineering will sell four HAM projects to Highways Infrastructure Trust, an infrastructure investment trust (InvIT), for an enterprise value of Rs. 13.94 billion. According to a story in April's edition of ET, KKR had signed contracts to buy a 100% equity position in the Hyderabad-based Navayuga group's toll road, the Navayuga Udupi Tollway, for an estimated $924 million. In 2021, KKR made its first investment in Indian roads when it bought out Global Infrastructure Partners' whole stake in the 487 km of Highway Concessions One (HC1) properties. Seven states—Gujarat, Karnataka, Madhya Pradesh, Meghalaya, Rajasthan, Tamil Nadu, and Telangana—are included in the HC1 road portfolio. 5 toll roads and 2 annuity roads made up the portfolio. The Jodhpur Pali Expressway, Godhra Expressways, Dewas Bhopal Corridor, Ulundurpet Expressways, Normal BOT, and Shillong Expressway are among the assets housed under the KKR roadways InvIT. The Indian road sector has seen a surge in deal activity as foreign investors look for long-term yield-generating infrastructure assets and developers attempt to monetize their operating road projects to reduce debt and reinvest funds in new projects. See also: KKR makes $250 million investment in Serentica RenewablesKKR merges IndiGrid and Virescent InvITs in unique deal

Infrastructure Urban

05 Nov 2025

TBO Tek Q2 Profit Climbs 12%, Revenue Surges 26% YoY

TBO Tek Limited one of the world’s largest travel distribution platforms, reported a solid performance for Q2 FY26 with a 26 per cent year-on-year increase in revenue to Rs 5.68 billion, reflecting broad-based growth and improving profitability.The company recorded a Gross Transaction Value (GTV) of Rs 8,901 crore, up 12 per cent YoY, driven by strong performance across Europe, MEA, and APAC regions. Adjusted EBITDA before acquisition-related costs stood at Rs 1.04 billion, up 16 per cent YoY, translating into an 18.32 per cent margin compared to 16.56 per cent in Q1 FY26. Profit after tax r..

Infrastructure Energy

05 Nov 2025

Northern Graphite, Rain Carbon Secure R&D Grant for Greener Battery Materials

Northern Graphite Corporation and Rain Carbon Canada Inc, a subsidiary of Rain Carbon Inc, have jointly received up to C$860,000 (€530,000) in funding under the Canada–Germany Collaborative Industrial Research and Development Programme to develop sustainable battery anode materials.The two-year, C$2.2 million project aims to transform natural graphite processing by-products into high-performance, battery-grade anode material (BAM). Supported by the National Research Council of Canada Industrial Research Assistance Programme (NRC IRAP) and Germany’s Federal Ministry for Economic Affairs a..

Infrastructure Urban

05 Nov 2025

Antony Waste Q2 Revenue Jumps 16%; Subsidiary Wins Rs 3,200 Cr WtE Projects

Antony Waste Handling Cell Limited (AWHCL), a leading player in India’s municipal solid waste management sector, announced a 16 per cent year-on-year increase in total operating revenue to Rs 2.33 billion for Q2 FY26. The growth was driven by higher waste volumes, escalated contracts, and strong operational execution.EBITDA rose 18 per cent to Rs 570 million, with margins steady at 21.6 per cent, while profit after tax stood at Rs 173 million, up 13 per cent YoY. Revenue from Municipal Solid Waste Collection and Transportation (MSW C&T) reached Rs 1.605 billion, and MSW Processing re..