PNC Infra gets NHAI nod to transfer 100% stake in 3 subsidiaries to Highways Infra Trust

Infrastructure institution PNC Infratech connected Friday said it has received support from NHAI to transportation a 100 per cent involvement held by it successful its 3 subsidiaries (SPVs) for Uttar Pradesh roadworthy projects to Highways Infrastructure Trust.

The company, successful a regulatory filing, said the 3 road projects are a portion of the statutory process pursuant to the Rs 9,005 crore woody betwixt PNC Infratech, PNC Infra Holdings (a subsidiary of PNC Infratech), and Highways Infrastructure Trust (HIT), an InvIT controlled by KKR & Co Inc, for 12 roadworthy assets.

The 3 subsidiaries/SPVs, which got support from the National Highways Authority of India (NHAI), are PNC Bithur Kanpur Highways Private Ltd, PNC Gomti Highways Private Ltd and PNC Aligarh Highways Private Ltd.

The deal, signed successful January 2024, involves the divestment of 12 roadworthy assets owned by PNC Infratech and PNC Infra Holdings for an endeavor worth of Rs 9,005 crore.

It includes eleven National Highway (NH) Hybrid Annuity mode (HAM) assets and 1 State Highway BOT Toll plus with astir 3,800 lane kilometres successful Karnataka, Madhya Pradesh, Rajasthan and Uttar Pradesh.

According to a root alert of the development, PNC Infratech is successful the process of fulfilling the conditions precedents for the woody viz. 'change successful control' approvals from the road authorities and nary objection certificates from the lenders to the projects.

"PNC Infratech has obtained a alteration successful power support from NHAI for 3 of the assets, and approvals for 7 much assets are expected by mid-December," said the source.

"With NOCs obtained from astir of the lenders, PNC Infratech is expected to adjacent the woody for 10 of the 12 assets by the adjacent of this fiscal twelvemonth (March 31, 2025), comprising 85 per cent of the full woody value," helium added.

According to him, the woody for the remaining 2 assets is expected to beryllium completed by H1 FY26.

Infrastructure Investment Trust (InvIT) is an instrumentality connected the signifier of communal funds, designed to excavation wealth from investors and put successful assets that volition supply currency flows implicit a play of time.