Private equity firm KKR s Highways Infrastructure Trust is in talks to buy a 12-road project portfolio from construction firm PNC Infratech for an enterprise value of $1.1bn. The deal would see KKR acquire 11 HAM roads and one BOT road located across the Indian states of Uttar Pradesh, Madhya Pradesh and Rajasthan. Seven of the 12 road projects are already operational, while the others are expected to become so within the next three to four months.
KKR buys highways assets from Global Infrastructure Partners
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Last Updated: Jul 05, 2021, 11:55 AM IST
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Synopsis
Through the acquisition of GIP’s interest in HC1, KKR aims to help strengthen and expand India’s national highway network, which serves about 40% of total traffic but accounts for only 2% of the country’s road network, said the statement.
Agencies
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KKR, the global investment firm, will acquire Global Infrastructure Partners’ (GIP) entire interest in Highway Concessions One (HC1) and seven highway assets with a total length of 487 kilometers. HC1 is a platform in India that manages GIP’s road portfolio which spans across seven states including Gujarat, Karnataka, Madhya Pradesh, Meghalaya, Rajasthan, Tamil Nadu, and Telangana, according to a company statement.