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.

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.

Resources

09 Mar 2026

Haworth India Hosts Women’s Leadership Panel Series

Haworth India marked International Women’s Day by hosting a leadership roundtable series titled ‘Give to Gain’, bringing together senior women leaders from architecture and design firms, corporates and project management consultancies. The series has been conducted in Delhi and Mumbai, with upcoming sessions scheduled in Bengaluru and Hyderabad on 27 March 2026. Structured as moderated panel discussions followed by audience interaction, the initiative examined the business impact of women’s leadership and the role of inclusive workplaces in supporting professional growth. Manish Khan..

Real Estate

09 Mar 2026

Max Estates Secures RERA For Max One Project

Max Estates has secured RERA approval (UPRERA No.: UPRERAPRJ9759) for its Max One development around Max Towers in Sector 16B, Noida, bringing renewed progress to a project previously stalled following the insolvency of its earlier developer. Spread across around 10 acres with an estimated development potential of about 2.5 million sq ft, Max One is planned as an integrated mixed-use campus combining serviced residences, premium offices, retail spaces and a private club. The project is expected to generate total sales potential of about Rs 20 billion along with an estimated annuity rental inc..

Real Estate

09 Mar 2026

Hindware Introduces Starc Smart Wall Mount Toilet

Hindware has introduced the Starc Smart Wall-Mount Toilet under its Hindware Italian Collection, designed to combine automation, hygiene and contemporary bathroom aesthetics. The model features automatic flushing, sensor-based seat opening and closing, and remote-controlled functions. It also includes an oscillating water spray and warm air dryer for cleaning, along with a self-cleaning nozzle designed to maintain hygiene. Additional features include adjustable heated seating, customisable water temperature and pressure settings, a foot-touch flush system and an LCD control interface. The wa..