NIIF and I Squared Capital Express Interest in Ashoka Concessions

Posted on 11/07/2019


India’s National Investment and Infrastructure Fund (NIIF) and I Squared Capital have expressed interest in purchasing Ashoka Concessions Ltd, a company owned by developer Ashoka Buildcon Limited and Macquarie Infrastructure and Real Assets (MIRA). Ashoka Concessions owns and operates six toll road projects — the Belgaum-Dharwad, Dhankuni-Kharagpur, Durg Bypass, Chhattisgarh-Maharashtra border, Bhandara Road, Maharashtra-Chhattisgarh border, Jaora-Nayagaon, and Sambalpur-Baragarh highways.

In 2012, Macquarie, through its first India-focused fund, and the State Bank of India together in SBI Macquarie Infrastructure Investment Fund purchased a 34% stake in Ashoka Concessions, a platform to that owns and operates toll-earning road assets, for Rs 800 crore. The remaining stake was held by Ashoka Buildcon.