PNC Infratech to sell 35% stake in Ghaziabad Aligarh Expressway
7th May 2019

PNC Infratech has executed a Share Purchase Agreement (SPA) for sale of 35% stake held by the Company along with its wholly owned subsidiary - PNC Infra Holdings in Ghaziabad Aligarh Expressway, the Concessionaire (SPV) for ‘Four Laning of Ghaziabad - Aligarh Section of NH-91 BOT (Toll) Project in Uttar Pradesh along with the other partners of SPV, with Cube Highways and Infrastructure Pte.

Total Enterprise Value (EV) of the sale is Rs 18.34 billion subject to adjustments of debt and other capital and operational costs at the Closing Date. The Company’s share of 35% equity translates to sale consideration of Rs 2.7 billion. In addition to this the Company would be able to recover its outstanding EPC receivables from SPV along with certain Closing adjustments, which would likely to result into total cash inflow of over Rs 3.0 billion for the Company.

PNC Infratech is an infrastructure construction, development and management company, with expertise in execution of major infrastructure projects, including highways, bridges, flyovers, airport runways, power transmission lines, development of industrial areas and other infrastructure activities.