PNC Infratech Completes Sale of 11 Road Assets to KKR-Backed VIT for ₹716.2 Cr

PNC Infratech Ltd., along with its wholly owned subsidiary PNC Infra Holdings Ltd., has completed the sale of its equity stake in PNC Bareilly Nainital Highways Pvt. Ltd., a BOT (Toll) road project, to Vertis Infrastructure Trust (VIT), formerly known as Highways Infrastructure Trust and sponsored by KKR affiliates.

This marks the conclusion of the second tranche of PNC's strategic divestment plan announced in January 2024, involving 12 road assets—11 National Highway HAM projects and 1 State Highway BOT (Toll) project—spanning approximately 3,800 lane-km across Uttar Pradesh, Madhya Pradesh, Karnataka, and Rajasthan.

The first tranche, completed on May 22, 2025, included the transfer of 10 NH HAM projects. With the latest transaction, 11 of the 12 assets have been successfully divested. The deal was valued at an Enterprise Value of ₹716.2 crore, comprising ₹153.48 crore received against equity and debentures, ₹239.35 crore for unsecured loans (received on July 31 and August 1, 2025), and an additional ₹80 crore in receivables to be paid as per the agreement.

The final asset, PNC Challakere Karnataka Highways Pvt. Ltd. (HAM project), is expected to be divested in H1 FY26, pending completion of conditions precedent.