Construction major PNC Infratech has received NHAI approval for change in control for 3 of the 12 assets being sold and expects nod for seven more assets by mid-December.
The deal for the remaining 2 assets is expected to be completed by the first half of FY26, said sources close to the company.
It has also got a no-objection certificate from most of the lenders and hopes to close the deal by next March.
In January, PNC Infratech and its wholly-owned subsidiary PNC Infra Holdings had executed definitive agreement with Highways Infrastructure Trust to divest 12 of its road assets for enterprise value of ₹9,006 crore.
HIT is an Infrastructure Investment Trust sponsored by the affiliates of KKR & CO Inc.
The company is expected to close the deal for 10 of the 12 assets by this financial year-end. These comprise 85 per cent of the total deal value, he said.
The assets put on block comprise 11 National Highways Hybrid Annuity mode and one state Highway BOT Toll asset with about 3,800 lane kms in the states of Uttar Pradesh, Madhya Pradesh, Karnataka and Rajasthan.
PNC Infratech is in the process of fulfilling the conditions precedents for the transaction, he added. The major CPs are change in control approvals from the highway authorities and no objection certificates from the lenders to the projects.
The divestment is aligned with the company’s strategic objective of recycling the capital invested in operating road assets to leverage the ambitious growth vision that the Government has outlined for the sector.