Indian law firm Trilegal has guided infrastructure investment trust Highways Infrastructure Trust (HIT) on its approximately $1.08 billion acquisition of 12 road projects from PNC Infratech, which was advised by Shardul Amarchand Mangaldas.

The deal is one of India’s largest-ever transactions in the roads sector. It comprises 11 hybrid annuity concessions from the national highways regulator, the National Highways Authority of India, and one toll road concession from state regulator, Uttar Pradesh State Highways Authority.

HIT in an InvIT linked to funds managed by international investment giant KKR.

The team at Trilegal was led by projects partners Neeraj Menon and Amar Narula and corporate partner Sneha Vardhan. Partner Apeksha Mattoo advised on the labour and employment aspects of the deal, and partners Nisha Uberoi and Rudresh Singh advised on competition law aspects.

The SAM team that advised PNC Infratech on the deal was led by partners Kushal Sinha and Dhrupad Pant.