NEW DELHI: In a significant development in the infrastructure sector, the Competition Commission of India (CCI) has sanctioned Highway Infrastructure Trust’s acquisition of a 100% equity stake in 12 Special Purpose Vehicles (SPVs) managed by PNC Infratech Limited and PNC Infra Holdings. This move marks a pivotal shift in the management and control of critical infrastructure assets.
Highway Infrastructure Trust, a permanent entity established under the Indian Trusts Act of 1882 and registered with the Securities and Exchange Board of India (SEBI) as an infrastructure investment trust, is central to this transaction. The trust operates under the SEBI (Infrastructure Investment Trusts) Regulations, 2014, focusing on the acquisition, ownership, and management of road and highway infrastructure across India. The trust is sponsored by Galaxy Investments II Pte. Limited, with Highway Concessions One Private Limited (HC One) acting as its investment manager.
The SPVs acquired from PNC Infratech were specifically formed for managing various infrastructure projects. These entities hold concession agreements with the National Highways Authority of India (NHAI) and the Uttar Pradesh State Highways Authority. The projects are structured under the Hybrid Annuity Model (HAM) and Build-Operate-Transfer (BOT) frameworks, reflecting a diverse approach to infrastructure management and development.
This acquisition aligns with Highway Infrastructure Trust’s strategic objectives of expanding its portfolio of infrastructure assets. By integrating these 12 SPVs, the trust will enhance its capability to operate and maintain significant road projects under long-term government concessions. This development is expected to streamline operations, optimise asset management, and potentially improve service delivery in the road transport sector.
The successful acquisition also underscores the growing role of infrastructure investment trusts in India’s economic landscape. By providing a structured approach to owning and managing infrastructure assets, these trusts are becoming instrumental in driving the country’s infrastructure development agenda.
Overall, the acquisition of PNC Infratech’s SPVs by Highway Infrastructure Trust represents a strategic consolidation in the infrastructure sector, aimed at leveraging synergies for more efficient management and enhanced operational effectiveness in India’s transportation network.
