PNC Infratech Completes Sale of Equity Stake in PNC Bareilly Nainital Highways
ROADS & HIGHWAYS

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

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.

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.

Related Stories

Gold Stories

Next Story
Infrastructure Urban

Sabarmati Riverfront Two Plots Up for Auction at Rs2.24 bn Base Price

Two commercial plots on the western bank of the Sabarmati Riverfront will be auctioned with a base price of Rs 112 crore each, equivalent to Rs 1.12 bn apiece and Rs 2.24 billion in total. The parcels are located adjacent to the Metro Rail Bridge in Ahmedabad and form the first commercial offering after a prolonged pause. The Riverfront Development Corporation has framed the sale as part of a phased commercial release to revive development along the riverfront. The combined base valuation has been set by the corporation to reflect market rates along the riverfront. The corporation has fixed a ..

Next Story
Infrastructure Urban

Andhra Pradesh to Connect Over One Million Streetlights

Andhra Pradesh will undertake a statewide smart streetlighting programme across all 123 Urban Local Bodies (ULBs), bringing around 1.05 million (mn) streetlights under an AI enabled monitoring and management system. The programme will be implemented by Energy Efficiency Services Limited (EESL) with the Commissioner and Director of Municipal Administration under the state Municipal Administration and Urban Development Department. The project aims to convert conventional streetlighting into a digitally managed municipal service monitored and maintained remotely. The initial phase will cover abou..

Next Story
Infrastructure Urban

AMC To Procure Four Machines For Guard Rail Cleaning

Ahmedabad Municipal Corporation will introduce four specialised machines for cleaning guard railings along major roads and the central verges of BRTS and Metro corridors. The civic body plans to replace manual labour with mechanised cleaning to improve maintenance of road infrastructure and greenery. The purchase is estimated at Rs 82.8 million (mn), excluding GST. The proposal sets the base price of each machine at about Rs 20.7 million (mn) so four units total Rs 82.8 million (mn) before GST. 18 per cent GST will be applicable separately. During the warranty period each machine will operate ..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement