PNC Infratech, an infrastructure company, has received in-principle approval from the National Highways Authority of India (NHAI) to transfer its 100% stake in two subsidiaries (SPVs) managing the Bundelkhand and Khajuraho road projects to the KKR-backed Highways Infrastructure Trust (HIT). This development keeps the PNC-KKR deal on track for closure by March 31, 2025, as PNC Infratech works toward fulfilling the conditions precedents (CPs) required for the transaction. Key CPs include obtaining change-in-control approvals from highway authorities and no-objection certificates (NOCs) from project lenders, according to a person familiar with the matter. PNC Infratech has already secured change-in-control approvals from NHAI for eight of the assets, with approvals for the remaining two assets expected by January 2025. Additionally, the company has obtained NOCs from almost all lenders, the source added. The company aims to close the deal for 10 of the 12 assets by the end of the current financial year, representing approximately 85% of the total deal value. The transaction for the remaining two assets is expected to be completed by the first half of FY26, the source stated. This divestment aligns with PNC Infratech's strategic objective of recycling capital invested in operating road assets to support the Government of India’s ambitious growth vision for the infrastructure sector. On January 15, 2024, PNC Infratech Limited and its wholly-owned subsidiary, PNC Infra Holdings Limited, signed definitive agreements with the KKR-backed Highways Infrastructure Trust. The agreements involve the divestment of 12 road assets, including 11 National Highway (NH) Hybrid Annuity Model (HAM) assets and one State Highway BOT Toll asset, spanning approximately 3,800 lane kilometers across Uttar Pradesh, Madhya Pradesh, Karnataka, and Rajasthan. The transaction, valued at an enterprise value of ?9,005.7 crore, is one of the largest acquisitions in India’s highways sector.