KKR's InvIT Highways Infra Trust Secures Rs 82.50 Bn Debt from Top Banks

20 Feb 2025 CW Team

Highways Infrastructure Trust (HIT), an infrastructure investment trust sponsored by private equity firm KKR, has secured debt financing of Rs 82.50 billion from a consortium of private sector and public sector lenders. The participating financial institutions include Axis Bank, HDFC Bank, ICICI Bank, IndusInd Bank, State Bank of India, Punjab National Bank, and India Infrastructure Finance Company Limited (IIFCL).

This funding represents one of the largest debt arrangements secured by an infrastructure investment trust (InvIT) in India. Structured as a Rupee Term Loan, the financing has a tenure of up to 17 years. The funds will be utilized for acquiring TOT Bundle 16 from the National Highways Authority of India (NHAI) and a portfolio of 12 road assets from PNC Infratech.

The agreement between KKR and PNC, announced in January 2024, is valued at approximately Rs 90 billion, making it one of the most significant transactions in India's road sector. The acquired portfolio consists of 11 hybrid annuity model (HAM) roads from NHAI and one toll road from the Uttar Pradesh State Highways Authority, covering approximately 3,800 lane kilometre across Rajasthan, Uttar Pradesh, Madhya Pradesh, and Karnataka.

Additionally, HIT is in the process of acquiring NHAI’s toll-operate-transfer (TOT) Bundle 16 for Rs 66.61 billion. This bundle includes a 251-km stretch on the Hyderabad-Nagpur corridor of NH-44 in Telangana.

To support these acquisitions, HIT’s sponsor, KKR, along with its second-largest shareholder, the Canadian pension fund Ontario Teachers’ Pension Plan (OTPP), will invest up to Rs 55 billion in equity. Currently, HIT manages assets worth Rs 170 billion, covering 16 project stretches and a total of 4,640 lane kilometre across nine states.

News source: Money Control

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