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Highways Infrastructure Trust (HIT), an Infrastructure Investment Trust supported by related investment funds and automobiles, has purchased PNC Infratech's interest in ten operational road assets. This move marks the first tranche of a larger divestment plan initiated earlier this year, targeting 12 road assets spread across multiple Indian states. The assets sold include major highway and toll projects in Uttar Pradesh, Madhya Pradesh, Karnataka, and Rajasthan. This transaction is in line with PNC's strategic focus on monetising mature assets to reallocate capital into newer infrastructure ventures.
PNC Infratech has recently announced the successful completion of its stake sale in 10 of its operational road assets to Highways Infrastructure Trust (HIT), an Infrastructure Investment Trust sponsored by entities affiliated with various investment funds and vehicles. Advertisement
The company stated that the divested assets include PNC Rajasthan Highways Pvt Ltd, PNC Chitradurga Highways Pvt Ltd, PNC Aligarh Highways Pvt Ltd, PNC Bundelkhand Highways Pvt Ltd, PNC Khajuraho Highways Pvt Ltd, PNC Triveni Sangam Highways Pvt Ltd, PNC Bithur Kanpur Highways Pvt Ltd, PNC Gomti Highways Pvt Ltd, PNC Unnao Highways Pvt Ltd, and PNC Meerut Haridwar Highways Pvt Ltd.
PNC Infratech mentioned that this move is aligned with its broader strategy to recycle capital locked in operating assets and channel it into fund-based infrastructure opportunities, aiming to unlock greater value and enhance future growth potential.
As part of a two-tranche deal announced in January 2024, PNC had entered into definitive agreements with HIT for the divestment of 12 road assets, comprising 11 National Highway projects under the Hybrid Annuity Model (HAM) and one State Highway project under the BOT (Toll) model. Together, these projects span a total length of approximately 3,800 lane-kilometres, located across key Indian states such as Uttar Pradesh, Madhya Pradesh, Karnataka, and Rajasthan.
This transaction signifies a key milestone in the ongoing divestment plan, with the completion of the first tranche setting the stage for the remaining two assets to be transferred in due course.
As infrastructure investment in India continues to grow, such strategic exits allow seasoned players like PNC to reinvest in high-growth areas and emerging infrastructure segments. The involvement of HIT, backed by deep-pocketed investors, further underscores the increasing interest in mature, revenue-generating infrastructure assets. The upcoming completion of the second tranche will be key to watching how PNC repositions itself in the evolving infrastructure landscape.
Source - PTI
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