PNC Infratech Completes Sale of Equity Stake in PNC Bareilly Nainital Highways

05 Aug 2025 CW Team

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.

Infrastructure Urban

06 Apr 2026

InsideFPV Delivers ₹10 Crore Kamikaze Drone Order Under MoD’s EPR Route

InsideFPV, a Surat-based drone technology manufacturer, has successfully executed a ₹10 crore defence contract to supply indigenous kamikaze drones under the Ministry of Defence’s Emergency Procurement Route (EPR). The company completed the delivery of hundreds of FPV kamikaze drone platforms within a rapid two-month timeframe, highlighting its ability to meet urgent military procurement timelines.The supply orders were fulfilled under the emergency procurement mechanism, which is aimed at fast-tracking acquisitions for immediate operational needs. InsideFPV’s quick execution reflects it..

Vedanta Resources Secures Fitch Upgrade to ‘BB-’, Best Rating Since 2015

Vedanta Resources Limited (VRL), a global player in metals, oil & gas, critical minerals, power and technology, has received a credit rating upgrade from Fitch Ratings, marking its strongest bond rating in over a decade.Fitch has raised Vedanta Resources’ Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘BB-’ from ‘B+’, while maintaining a Stable Outlook. The agency also upgraded VRL’s senior unsecured rating, along with the ratings of US dollar-denominated bonds issued by Vedanta Resources Finance II Plc and guaranteed by VRL, to ‘BB-’.The upgrade represents Vedan..

NAREDCO NextGen NCR Chapter Launched

The NAREDCO NextGen NCR Chapter was recently launched at Excelerate 2026 in Mumbai, marking a key step towards integrating emerging real estate leaders from the National Capital Region with the national platform. The initiative aims to promote sustainable and responsible urban development through collaboration and knowledge exchange.The event brought together young developers, entrepreneurs, and professionals from across NCR, including Noida, Gurugram, Ghaziabad, Faridabad, Bhiwadi, and Meerut. Discussions focused on urban development, finance, sustainability, innovation, and policy, emphasisi..