On August 2, the National Investment and Infrastructure Fund (NIIF) paid $290 million for a 100 per cent equity investment in the SP Jammu Udhampur Highway owned by the Shapoorji Pallonji Group through the NIIF Master Fund.

The project was developed under a Build-Operate-Transfer (Annuity) basis from the National Highways Authority of India (NHAI). The NHAI makes regular, semi-annual payments to the project, delivering consistent and dependable cash flows.

The 64.5 km long, four-lane Jammu Udhampur Highway, which has a 1.4 km twin-tube tunnel segment, improves accessibility to the Vaishno Devi temple.

Afcons Infrastructure, a division of SP Group, took on the project's sophisticated engineering construction in difficult steep terrain amid adverse weather circumstances.

With the addition of four assets, the fund's road portfolio now has a total annual revenue rate of more than $170 million, according to a statement from NIIF