Global sustainable infrastructure investor Actis has agreed to acquire a $775m (€722m) portfolio of six operating highway toll road projects in India from Welspun Enterprises Limited (WEL).
Actis said the acquisition, which is subject to approval, will be the first road investment in India from the Actis Long Life Infrastructure Fund (ALLIF), the manager’s first emerging markets-focused infrastructure fund.
The highway toll road portfolio benefits from a “stable mix of annuity and toll cash flows”, with the projects located across India including in the most prominent North-South highway corridor, Actis said.
Adrian Mucalov, partner and head of long life infrastructure at Actis, said: “This is a strong, first of its kind, investment for ALLIF, which fully aligns with the fund’s core objective - to invest globally in infrastructure assets that provide consistent yield for our investors.”
Sumit Sen, a partner at Actis, said: “The toll roads are well diversified and strategically located; they are a highly attractive addition to our portfolio that aligns perfectly with ALLIF’s investment mandate.
“We look forward to pursuing similar long-life infrastructure projects in the future, including WEL’s balance under construction road portfolio.”
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