PNC Infratech Sells Stake in 10 Road Assets to HIT

New Delhi, May 23 (PTI) PNC Infratech on Friday said it has completed the stake sale in 10 of the company's road assets to Highways Infrastructure Trust (HIT).

Highways Infrastructure Trust (HIT) is an Infrastructure Investment Trust (InvIT), whose sponsor is affiliated with funds, vehicles.

According to the company's statement, sold projects 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.

This divestment is aligned with the company's strategic objective of recycling the capital invested in operating road assets and reinvesting the capital in fund-based opportunities in the infrastructure space, it added.

In January 2024, it executed definitive agreements with HIT to divest 12 of its road assets, comprising 11 National Highway (NH) Hybrid Annuity Mode (HAM) assets and 1 State Highway BOT Toll asset with approximately 3,800 lane-km aggregate length, located in Uttar Pradesh, Madhya Pradesh, Karnataka, and Rajasthan, in two tranches.