MUMBAI: Global infrastructure investor Macquarie Asset Management (MAM) has shortlisted three bidders - France's VINCI Highways, Edelweiss-backed Sekura Roads and KKR-backed Vertis Infrastructure Trust - for the proposed sale of its toll-operate-transfer (ToT) 1 road assets in India, said people with knowledge of the development.
Other contenders that submitted non-binding offers include CPP Investments-owned Interise Trust, IRB Infrastructure and Cube Highways. JP Morgan is advising Macquarie on the transaction.
The shortlisted entities are expected to begin due diligence shortly, with binding bids likely to be submitted in the coming months, the people said. The submitted bids are around Rs 9,500 crore, according to the people.
A Macquarie spokesperson declined while emails sent to KKR and VINCI Highways did not elicit any responses till press time.
Macquarie officially launched the sale of its largest road portfolio in India in September, seeking an enterprise value of about Rs 10,000 crore ($1.2
billion). The process followed an initial exploration phase that began last December, when the firm started scouting for bankers, ET first reported.
The portfolio comprises nine toll road projects spanning 648 km across Andhra Pradesh and Gujarat, housed under Safeway Concessions Pvt Ltd, a platform created by Macquarie. These assets are backed by its Asia Infrastructure Fund 2 (MAIF 2) and MAIF 3. Together, they generated about Rs 1,000 crore in toll revenue in 2024-25, according to people familiar with the matter. Macquarie acquired these roads in 2018 under India's first ToT auction for Rs 9,681 crore, about 1.5 times the base price set by the NHAI.
Other contenders that submitted non-binding offers include CPP Investments-owned Interise Trust, IRB Infrastructure and Cube Highways. JP Morgan is advising Macquarie on the transaction.
The shortlisted entities are expected to begin due diligence shortly, with binding bids likely to be submitted in the coming months, the people said. The submitted bids are around Rs 9,500 crore, according to the people.
A Macquarie spokesperson declined while emails sent to KKR and VINCI Highways did not elicit any responses till press time.
Macquarie officially launched the sale of its largest road portfolio in India in September, seeking an enterprise value of about Rs 10,000 crore ($1.2
billion). The process followed an initial exploration phase that began last December, when the firm started scouting for bankers, ET first reported.
The portfolio comprises nine toll road projects spanning 648 km across Andhra Pradesh and Gujarat, housed under Safeway Concessions Pvt Ltd, a platform created by Macquarie. These assets are backed by its Asia Infrastructure Fund 2 (MAIF 2) and MAIF 3. Together, they generated about Rs 1,000 crore in toll revenue in 2024-25, according to people familiar with the matter. Macquarie acquired these roads in 2018 under India's first ToT auction for Rs 9,681 crore, about 1.5 times the base price set by the NHAI.
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