PNC Infratech Limited and PNC Infra Holdings Limited have sold 11 hybrid annuity road assets and 1 build operate transfer asset to Highway Infrastructure Trust for an aggregate enterprise value of approximately ₹9,005.7 crore (including earnouts and subject to adjustments agreed in the transaction documents).
Shardul Amarchand Mangaldas & Co advised PNC Infratech and PNC Infra Holdings on this transaction.
The transaction team consisted of Kushal Sinha (Partner), Dhrupad Pant (Partner), Rishab Chaudhary (Senior Associate), Aayush Agarwal (Associate) and Shamik Gupta (Associate).
Trilegal advised Highway Infrastructure Trust on this transaction.
The transaction team was led by Projects Partners Neeraj Menon and Amar Narula, and Corporate Partner Sneha Vardhan.
Labour and Employment Partner Apeksha Mattoo advised on the Labour and Employment Law aspects of the transaction. In addition, Partner and National Head of the Competition law practice Nisha Kaur Uberoi and Partner Rudresh Singh also advised on the Competition Law aspects of the transaction.
Other attorneys who supported the deal were Swathy S. Pisharody and Divye Sharma (Counsels); Shubhaang Sinha, Naman Mittal, Nishant Pratyush, Raisa Pinto and Anand Sree (Senior Associates); Vishesh Mehrotra, Archit Gupta, Swati Agrawal, Sakshi Rajawat, Jatin Soni, Kartik Agarwal, Yeshwanth Comar, Parika Kamra, Padmavathy Nehru, Rohil Kenue, Smeet Anklesaria, Ashwin Sasikumar, Ayesha Alware, Maitreya Sharma, Mehar Singh Dang, Shaurya Kapoor, and Vrinda Bhardwaj (Associates).
This is the largest road / highway sector transaction in India involving sale of interests in projects assets developed on a hybrid annuity model.
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