The road assets for sale comprise 15 projects, including one operational annuity project under BOT model, six operational BOT toll projects and eight under-construction HAM projects
NIIF and PSP Investments plan to invest $ 2 billion equity to acquire road assets in India (Image: Reuters)
The National Investment and Infrastructure Fund (NIIF), may buy Ashoka Concessions’ hybrid annuity model (HAM) road assets for around $ 100 million equity, two sources told Mint.
EY is conducting the sales process for Ashoka Concessions.
“NIIF is expected to acquire the HAM assets. This has been agreed upon and the sales purchase agreement (SPA) is expected to be signed shortly,” one source said.
Moneycontrol could not independently verify the report.
The road assets for sale comprise 15 projects, including one operational annuity project under the build, operate, and transfer (BOT) model, six operational BOT toll projects, and eight under-construction HAM projects.
Bidders included Brookfield Asset Management and Actis, who proposed equity bids of around $ 350 million and an enterprise value of $ 1.2 billion, and interest was also evinced by Cube Highways, the report added.
The report said NIIF and Public Sector Pension Investment Board did not respond to queries on the matter. The two companies plan to invest $ 2 billion in equity to acquire road assets in India.
Ashoka Buildcon holds a 61 percent stake in Ashoka Concessions and Macquarie Infrastructure and Real Assets (MIRA) holds 39 percent.
Spokespeople for Actis, Ashoka Buildcon, Brookfield, EY, and Macquarie did not respond to queries, as per the report.
