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 Energy

17 Dec 2025

Vedanta Aluminium Uses 1.57 bn Units of Green Energy in FY25

Vedanta Aluminium, India’s largest aluminium producer, recently reported consumption of 1.57 billion units of renewable energy in FY25, marking a significant milestone in its 2030 decarbonisation roadmap. The company also achieved an 8.96 per cent reduction in greenhouse gas (GHG) emissions intensity compared to FY21, reinforcing its leadership in India’s low-carbon manufacturing transition. During FY25, Vedanta Aluminium expanded its renewable energy portfolio through long-term power purchase agreements, strengthening its strategy to source nearly 1,500 MW of renewable power over the lon..

Oberoi Group to Develop Luxury Resort at Makaibari Tea Estate

EIH Limited, the flagship company of The Oberoi Group, has announced the signing of a management agreement to develop an Oberoi luxury resort at the iconic Makaibari Tea Estate in Darjeeling. The project marks a key milestone in the Group’s long-term strategy of creating distinctive hospitality experiences in rare and environmentally significant locations. Established in 1859, Makaibari is one of the world’s oldest tea estates and is globally recognised for its Himalayan landscape, primary forests and exceptional biodiversity. Spread across 1,236 acres, the estate houses one of the world�..

GHV Infra Secures Rs 1.09 Bn EPC Order in Jamshedpur

GHV Infra Projects Ltd, a fast-growing EPC company in India’s infrastructure and construction sector, has recently secured a Rs 1.09 billion work order in Jamshedpur, Jharkhand. Awarded by a reputed group entity, the contract covers end-to-end civil construction, mechanical, electrical and plumbing (MEP) systems, along with high-quality finishing works for a large building development. The project will be executed over a 30-month period, with defined benchmarks for quality, safety and timely delivery. The order strengthens GHV Infra’s footprint in Jamshedpur, a key industrial hub known fo..