Macquarie Asset Management’s Asia infrastructure fund has agreed to sell its toll roads in two Indian states to Adani Enterprises for Rs3,110 crore (€385m).
Adani Road Transport Ltd (ARTL), a subsidiary of Indian conglomerate Adani, is to acquire Gujarat Road and Infrastructure Company Ltd (GRICL), owner of two stretches of tollroads in Andhra Pradesh and Gujarati.
GRICL is a joint venture company, majority owned by the Macquarie Asia Infrastructure Fund, with co-investors - Indian infrastructure and financing company, IL&FS and the state government of Gujarat.
Adani said that post-acquisition of the stake in GRICL, ARTL would also evaluate the acquisition of the IL&FS stake in the toll road company.
Krishna Prakash Maheshwari, CEO of ARTL, said his company was committed to the parent company’s nation-building initiative, with a portfolio of more than 5,000km of highway projects under construction and operation.
“This is one of the largest portfolios of toll road assets in India with a high-quality, strong team, long and robust track record of growth and strong cash flow generation with low leverage,” he said.
Deep Gupta, managing director and co-head of Macquarie Asset Management’s real assets business in SEA and India, said the transaction demonstrated the group’s continued capabilities in driving growth and adding long-term value to infrastructure assets in India.
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