Infrastructure company PNC Infratech has received in principle approvals from NHAI to transfer 100 per cent stake held by it in two subsidiaries 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-end as PNC Infratech is in the process of fulfilling the conditions precedents 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 per cent of the total deal value. The deal for the remaining 2 assets will be completed by H1 FY26, said the person quoted above.

The transaction for the 12 assets is proposed to be undertaken at an enterprise value of ₹9,006 crore.

Published on January 21, 2025