CCI Approves Acquisition of PNC Infratech’s Highway Assets

The Competition Commission of India (CCI) has given its green light to the acquisition of 12 special purpose vehicles (SPVs) from PNC Infratech Limited and PNC Infra Holdings by Highway Infrastructure Trust (HIT). This transaction involves a 100% equity stake transfer, granting HIT complete management and control over these SPVs.

Established as an irrevocable trust under the Indian Trusts Act, HIT is registered as an Infrastructure Investment Trust (InvIT) with SEBI. The trust’s primary function is to operate roads and highways in India through its own SPVs, which have been awarded government concessions. Galaxy Investments II Pte. Limited serves as the sponsor of HIT, while Highway Concessions One Private Limited acts as the investment manager.

PNC Infratech’s SPVs were specifically formed to undertake infrastructure projects under the Hybrid Annuity Model (HAM) and Build-Operate-Transfer (BOT) concession agreements awarded by the National Highway Authority of India and the Uttar Pradesh State Highways Authority. These SPVs are engaged in the development, operation, and maintenance of these highway projects.

The CCI’s approval marks a significant development in the Indian infrastructure sector, facilitating the consolidation of highway assets under HIT’s management. This transaction is expected to have implications for project execution, toll collection, and overall road infrastructure development in the country.

About PNC Infratech Limited

Incorporated in 1999, PNC Infratech Limited is one of the country’s leading infrastructure development, construction, and management companies. PNC undertakes infrastructure projects, including highways, bridges, flyovers, power transmission lines and towers, airport runways, industrial area development, and other infrastructure activities.

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