PNC Infratech Incorporates SPV for Highway Project

PNC Infratech Limited has announced the incorporation of a wholly-owned subsidiary, 'Barabanki Mustafabad Highway Private Limited', as a Special Purpose Vehicle (SPV). This SPV, with an authorized capital of ₹15,00,000 and paid-up capital of ₹10,00,000, has been established to implement a highway project awarded by the National Highways Authority of India (NHAI). The project involves the construction of a 4-lane highway in Uttar Pradesh on a Hybrid Annuity Model (HAM) basis. The SPV is yet to commence business operations, and the acquisition is not a related party transaction. The company, along with its subsidiary PNC Infra Holdings Limited, has subscribed to 100% of the equity shares.