PNC Infratech has received in-principle approval from the National Highways Authority of India (NHAI) to transfer two more road assets namely, PNC Bundelkhand Highways and PNC Khajuraho Highways to Highways Infrastructure Trust (HIT). The two assets are valued at over Rs 1.33 billion and are part of a Rs 90 billion deal between PNC Infratech and HIT.
Change-in-control approvals for eight road assets have already been secured, with the final two expected by January 2025. Nearly all lenders have issued no-objection certificates (NOCs). The deal, encompassing 12 road assets, is expected to close by March 31, 2025, with 85 per cent of the transaction value finalised by 2024-25.