PNC Infratech Completes Transfer of All 12 SPVs to Vertis Infrastructure Trust
PNC Infratech has completed the transfer of its entire stake in PNC Challakere (Karnataka) Highways Private Limited to Vertis Infrastructure Trust on March 27, 2026. This concludes the transfer of all twelve identified SPVs. The transaction's Enterprise Value was ₹683.84 crore.
The disposal of assets, while part of a larger strategic plan, represents a significant portion of the company's consolidated revenue and net worth, impacting its asset base and future revenue streams.
The company has successfully completed the transfer of assets as planned, indicating progress in its strategic divestment or restructuring efforts.
PNC Infratech Limited, along with its wholly-owned subsidiary PNC Infra Holdings Limited, has successfully transferred its entire stake in PNC Challakere (Karnataka) Highways Private Limited (a Special Purpose Vehicle - SPV) to Vertis Infrastructure Trust (formerly Highways Infrastructure Trust) on March 27, 2026. This marks the completion of the transfer of all twelve identified SPVs, as per the Share Purchase Agreement dated January 15, 2024, and its subsequent amendments.
The SPV has been handed over to VIT for further development in line with the concession agreement. The reported revenues for the financial year ended March 31, 2025, for PNC Challakere (Karnataka) Highways Private Limited were ₹164.03 crore, representing 1.30% of the consolidated revenue. The net worth as of March 31, 2025, was ₹78.03 crore, accounting for 2.42% of the consolidated net worth.
The transaction was concluded at an Enterprise Value of ₹683.84 crore, comprising ₹80.48 crore for equity and ₹134.94 crore for unsecured loans, received on March 27, 2026. The buyer, Vertis Infrastructure Trust, is an SEBI-registered Infrastructure Investment Trust and is not related to PNC Infratech's promoters or group companies. The transaction does not fall under related party transactions. The shareholders approved this transaction via a Special Resolution passed on September 28, 2024, during the 25th Annual General Meeting.
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