PNC Transfers Stake in SPVs

26 Nov 2024 CW Team

PNC Infratech Ltd. has received approval from the National Highways Authority of India (NHAI) to transfer its entire 100% stake in three subsidiary companies (Special Purpose Vehicles or SPVs) to Highways Infrastructure Trust (HIT), an Infrastructure Investment Trust (InvIT) managed by KKR & Co Inc. This transaction is part of a larger Rs 9,005 crore agreement signed in January 2024 between PNC Infratech, PNC Infra Holdings (its subsidiary), and HIT.

The three approved SPVs are PNC Bithur Kanpur Highways Pvt Ltd, PNC Gomti Highways Pvt Ltd, and PNC Aligarh Highways Pvt Ltd. These assets are among the twelve road projects included in the deal, encompassing approximately 3,800 lane kilometers across states like Uttar Pradesh, Karnataka, Madhya Pradesh, and Rajasthan. The portfolio consists of eleven National Highway projects under the Hybrid Annuity Mode (HAM) and one State Highway under the Build-Operate-Transfer (BOT) Toll model.

According to insiders, PNC Infratech is in the process of completing prerequisites such as change-in-control approvals from authorities and no-objection certificates (NOCs) from project lenders. NHAI has already approved the transfer for three assets, with approvals for seven more expected by mid-December 2024. PNC aims to close the transaction for ten assets, covering 85% of the total deal value, by the end of FY25.

The final two assets are anticipated to be transferred by the first half of FY26. The deal reflects PNC's strategic divestment approach to streamline operations and generate liquidity.

InvITs like HIT pool investments to own and operate income-generating infrastructure assets, offering investors stable long-term returns. This partnership underscores growing interest in India's infrastructure sector, especially among global investment firms like KKR.

Infrastructure Urban

05 Nov 2025

TBO Tek Q2 Profit Climbs 12%, Revenue Surges 26% YoY

TBO Tek Limited one of the world’s largest travel distribution platforms, reported a solid performance for Q2 FY26 with a 26 per cent year-on-year increase in revenue to Rs 5.68 billion, reflecting broad-based growth and improving profitability.The company recorded a Gross Transaction Value (GTV) of Rs 8,901 crore, up 12 per cent YoY, driven by strong performance across Europe, MEA, and APAC regions. Adjusted EBITDA before acquisition-related costs stood at Rs 1.04 billion, up 16 per cent YoY, translating into an 18.32 per cent margin compared to 16.56 per cent in Q1 FY26. Profit after tax r..

Northern Graphite, Rain Carbon Secure R&D Grant for Greener Battery Materials

Northern Graphite Corporation and Rain Carbon Canada Inc, a subsidiary of Rain Carbon Inc, have jointly received up to C$860,000 (€530,000) in funding under the Canada–Germany Collaborative Industrial Research and Development Programme to develop sustainable battery anode materials.The two-year, C$2.2 million project aims to transform natural graphite processing by-products into high-performance, battery-grade anode material (BAM). Supported by the National Research Council of Canada Industrial Research Assistance Programme (NRC IRAP) and Germany’s Federal Ministry for Economic Affairs a..

Antony Waste Q2 Revenue Jumps 16%; Subsidiary Wins Rs 3,200 Cr WtE Projects

Antony Waste Handling Cell Limited (AWHCL), a leading player in India’s municipal solid waste management sector, announced a 16 per cent year-on-year increase in total operating revenue to Rs 2.33 billion for Q2 FY26. The growth was driven by higher waste volumes, escalated contracts, and strong operational execution.EBITDA rose 18 per cent to Rs 570 million, with margins steady at 21.6 per cent, while profit after tax stood at Rs 173 million, up 13 per cent YoY. Revenue from Municipal Solid Waste Collection and Transportation (MSW C&T) reached Rs 1.605 billion, and MSW Processing re..