PNC-KKR Deal Nears Completion

22 Jan 2025 CW Team

PNC has now obtained a change in control approval from NHAI for 8 of the assets, and the approvals for 2 more assets are expected by January 2025, NOCs have also been obtained almost from all the lenders, said the person quoted above. Till January 20, PNC has secured approvals from the NHAI for the following eight highways assets, as per its stock exchange filings between November and January. The Company shall be able to close the deal for 10 of the 12 assets by the close of this financial year, comprising ~85% of the total deal value. The deal for the remaining two assets will be completed by H1FY26, said the person quoted above.

The divestment is aligned with the Company’s strategic objective of recycling the capital invested in operating road assets to leverage the ambitious growth vision that the Government of India has outlined for this sector. PNC Infratech Limited and PNC Infra Holdings Limited a wholly-owned subsidiary of PNC Infratech Limited had executed definitive agreements on January 15, 2024, with the KKR-backed Highways Infrastructure Trust (HIT). It involves divestment of 12 of the PNC’s road assets, comprising 11 National Highway (NH) Hybrid Annuity mode (HAM) assets and 1 State Highway BOT Toll asset with approximately 3,800 Lane Kms in the states of Uttar Pradesh, Madhya Pradesh, Karnataka and Rajasthan. The transaction for the 12 assets is proposed to be undertaken at an enterprise value of Rs 90.05 billion and is one of the largest acquisitions in the highways sector.

"Join industry leaders at RAHSTA Expo, India's premier platform for roads, highways and traffic infrastructure. Register now to explore innovations, network with experts and shape the future of mobility."

Infrastructure company PNC Infratech has received in principle approvals from NHAI to transfer 100 per cent stake held by it in two subsidiaries (SPVs) for the Bundelkhand and Khajuraho road projects to the KKR-backed Highways Infrastructure Trust. With this, the PNC-KKR deal is on track for closure by March 31, 2025 as PNC Infratech is in the process of fulfilling the conditions precedents (CPs) for the transaction. One of the major CPs under the deal included change in control approvals from the highway authorities and no objection certificates from the lenders to the projects, according to a person aware of the development. PNC has now obtained a change in control approval from NHAI for 8 of the assets, and the approvals for 2 more assets are expected by January 2025, NOCs have also been obtained almost from all the lenders, said the person quoted above. Till January 20, PNC has secured approvals from the NHAI for the following eight highways assets, as per its stock exchange filings between November and January. The Company shall be able to close the deal for 10 of the 12 assets by the close of this financial year, comprising ~85% of the total deal value. The deal for the remaining two assets will be completed by H1FY26, said the person quoted above. The divestment is aligned with the Company’s strategic objective of recycling the capital invested in operating road assets to leverage the ambitious growth vision that the Government of India has outlined for this sector. PNC Infratech Limited and PNC Infra Holdings Limited a wholly-owned subsidiary of PNC Infratech Limited had executed definitive agreements on January 15, 2024, with the KKR-backed Highways Infrastructure Trust (HIT). It involves divestment of 12 of the PNC’s road assets, comprising 11 National Highway (NH) Hybrid Annuity mode (HAM) assets and 1 State Highway BOT Toll asset with approximately 3,800 Lane Kms in the states of Uttar Pradesh, Madhya Pradesh, Karnataka and Rajasthan. The transaction for the 12 assets is proposed to be undertaken at an enterprise value of Rs 90.05 billion and is one of the largest acquisitions in the highways sector.

Real Estate

07 Jul 2026

Pecan Realty Completes Rs 1.5 Billion Transactions

Pecan Realty has recently completed four institutional transactions worth over Rs 1.5 billion over the past two years, strengthening its position as an execution-led real estate platform. The deals include resolution-led acquisitions, structured finance transactions and capital partnerships across its development portfolio.The transactions covered acquisitions through the National Company Law Tribunal process and helped provide repayment or exits to both private and public sector lenders. The company said the deals demonstrate its ability to resolve complex project situations, work with instit..

Real Estate

07 Jul 2026

SNN Estates Expands North Bengaluru Housing Project

SNN Estates has announced an expansion of its SNN Estates Felicity residential project in North Bengaluru following strong buyer demand, with 75 per cent of the first-phase inventory sold within three days of launch.The developer will add 76 apartments in the new phase, taking the project's estimated revenue potential to around Rs 1,000 crore upon completion of Phase 2.Spread across 6.5 acres in Rachenahalli, near Manyata Tech Park, the project comprises 604 apartments in 1.5, 2, 2.5, 3 and 4 BHK configurations. The development includes a 50,000-sq-ft clubhouse with amenities such as sports co..

Infrastructure Urban

07 Jul 2026

SCG Drives ASEAN Industrial Transformation Strategy

SCG is strengthening its focus on ASEAN as a key growth region by advancing industrial transformation, enhancing competitiveness and building resilient regional value chains. Thammasak Sethaudom, President and Chief Executive Officer, SCG, highlighted the need for industries to continuously develop capabilities, strengthen resilience and deepen regional cooperation to achieve sustainable long-term growth.SCG views ASEAN as an important growth engine alongside China, supported by favourable demographics, trade connectivity and investment flows. With ASEAN’s GDP projected to grow by around 4.7..