NAME: Highways Infrastructure Trust’s $1.08 billion acquisition of road projects from PNC Infratech
LAW FIRM: Shardul Amarchand Mangaldas & Co, Trilegal
JURISDICTION: India
PRACTICE AREAS: Private equity
INDUSTRY SECTORS: Infrastructure
Highways Infrastructure Trust’s $1.08 billion acquisition of multiple road projects from PNC Infratech is our deal of the month for January.
Highways Infrastructure Trust (HIT), an InvIT owned by global investment firm KKR, acquired 12 road projects from PNC Infratech. These included a toll road and 11 hybrid annuity concessions from state and national highways regulators. This acquisition is valued at $1.08 billion and is one of the largest transactions ever in the Indian roads sector.
KKR has been bullish on the growth of Indian highways and entered this market in 2021. With the integration of these projects into HIT’s portfolio, further expansion of high-quality assets is expected to boost HIT’s profitability in future. The transaction additionally gave PNC Infratech an opportunity to raise enough money to promote future development.
A Trilegal team advised HIT, led by partners Neeraj Menon, Amar Narula, and Sneha Vardhan. Partner Apeksha Mattoo dealt with the labour and employment aspects of the deal, while its competition elements were handled by partners Nisha Uberoi and Rudresh Singh. Shardul Amarchand Mangaldas & Co partners Kushal Sinha and Dhrupad Pant led the team that represented PNC Infratech.
