Actis has consolidated 11 road assets from two funds into its NXT-Infra Trust, valuing the infrastructure investment trust at about Rs. 100 bn. The private equity firm raised Rs. 11.8 bn from investors as part of the transaction, according to Sumit Sen, managing director of long life infrastructure at Actis.

The assets were previously held by Actis Long Life Infrastructure Fund 1 and Actis Long Life Infrastructure Fund 2. Following the fundraising and consolidation, Actis’s stake in the trust declined to 71 per cent from 86 per cent, while domestic investors hold the remaining interest.

Actis said the transaction reflected increasing investor interest in Indian roads, which provide regular revenue through toll and concession arrangements. Infrastructure funds and other long-term investors have been acquiring operating road assets as they seek stable, risk-adjusted returns from established projects.

Recent transactions have included Cube Highways and Infrastructure’s acquisition of HKR Roadways, which operates a 206 km toll road in Telangana, for Rs. 16.5 bn. Vinci Highways also agreed to acquire Safeway Concessions’ nine toll roads in Andhra Pradesh and Gujarat from Macquarie Asset Management at a valuation of US$1.7 bn.

A Macquarie fund has separately acquired units in toll-road operator Maple Infrastructure Trust. KKR-backed Vertis Infrastructure Trust is also seeking to acquire road assets owned by Megha Engineering and Infrastructure at a reported valuation of US$800 mn.

Actis said India’s established regulatory framework supported a long-term approach to infrastructure investment. The firm plans to use NXT-Infra Trust as a platform for future acquisitions of operating roads, while also considering opportunities in digital infrastructure, electric vehicles, waste recycling and water services.