CDPQ to acquire Ashoka's BOT toll road assets for Rs 45 billion

16 Oct 2024 CW Team

Ashoka Buildcon currently owns a 66% stake in Ashoka Concessions, with the remaining interest held by SBI Macquarie, which had invested Rs 8 billion in the company through the Macquarie-SBI Infrastructure Fund (MSIF) in 2012.

CDPQ and UK-based Actis were reportedly the final contenders for these assets, following the collapse of an earlier agreement with global investment firm KKR. KKR had initially agreed to buy the BOT assets for Rs 13.37 billion but backed out in May 2023, prompting Ashoka Concessions to open talks with multiple funds, including Actis, Sekura, and NIIF.

Maple Highways, CDPQ’s platform for the Indian road sector, sponsors IHCT, which already manages the Eastern Peripheral Expressway in the National Capital Region under ToT7, along with the Shree Jagannath Expressways in Odisha.

The five toll road projects under Ashoka Concessions are fully operational, with an average tolling history of 10 years and stable traffic flows. In FY24, these assets generated a 12% increase in toll collections, amounting to Rs 12.47 billion. Collections are expected to surpass Rs 13 billion this fiscal, supported by modest toll rate adjustments and moderate traffic growth, as per a recent ICRA report.

Spokespersons for CDPQ and Macquarie declined to comment on the deal, while Ashoka Buildcon did not respond to media queries.

Currently, 25% of IHCT is owned by a group of private investors, including the Suresh Kotak family, IIFL Group, and the Taparia family, founders of Famy Care. CDPQ holds the remaining stake in the trust.

ICRA’s latest report notes that while the Engineering, Procurement, and Construction (EPC) model remains the preferred method for awarding road projects, there is a gradual shift towards BOT (toll) projects, reflecting the evolving strategy of the Ministry of Road Transport and Highways.

(ET)

After a year of negotiations, Canadian pension fund CDPQ is set to acquire five build-operate-transfer (BOT) toll road assets from Ashoka Concessions, a subsidiary of Ashoka Buildcon, for an enterprise value of Rs 45 billion, according to sources familiar with the deal. The transaction is expected to be finalized this week, with the assets being acquired through CDPQ’s infrastructure trust, the Indian Highway Concession Trust (IHCT). Ashoka Buildcon currently owns a 66% stake in Ashoka Concessions, with the remaining interest held by SBI Macquarie, which had invested Rs 8 billion in the company through the Macquarie-SBI Infrastructure Fund (MSIF) in 2012. CDPQ and UK-based Actis were reportedly the final contenders for these assets, following the collapse of an earlier agreement with global investment firm KKR. KKR had initially agreed to buy the BOT assets for Rs 13.37 billion but backed out in May 2023, prompting Ashoka Concessions to open talks with multiple funds, including Actis, Sekura, and NIIF. Maple Highways, CDPQ’s platform for the Indian road sector, sponsors IHCT, which already manages the Eastern Peripheral Expressway in the National Capital Region under ToT7, along with the Shree Jagannath Expressways in Odisha. The five toll road projects under Ashoka Concessions are fully operational, with an average tolling history of 10 years and stable traffic flows. In FY24, these assets generated a 12% increase in toll collections, amounting to Rs 12.47 billion. Collections are expected to surpass Rs 13 billion this fiscal, supported by modest toll rate adjustments and moderate traffic growth, as per a recent ICRA report. Spokespersons for CDPQ and Macquarie declined to comment on the deal, while Ashoka Buildcon did not respond to media queries. Currently, 25% of IHCT is owned by a group of private investors, including the Suresh Kotak family, IIFL Group, and the Taparia family, founders of Famy Care. CDPQ holds the remaining stake in the trust. ICRA’s latest report notes that while the Engineering, Procurement, and Construction (EPC) model remains the preferred method for awarding road projects, there is a gradual shift towards BOT (toll) projects, reflecting the evolving strategy of the Ministry of Road Transport and Highways. (ET)

Products

12 May 2026

Durakraft Expands Presence in Home Improvement Market

Durakraft Extrusions is expanding its presence in India’s home improvement market through its range of uPVC windows and doors, supported by a wider channel partner and fabricator network across Tier I, II and III cities.The company said growing demand for energy-efficient, durable and low-maintenance building solutions is driving increased adoption of modern uPVC fenestration products among Indian homeowners.Durakraft’s product portfolio focuses on thermal performance, sound insulation, weather resistance and durability for both new and existing residential developments.As part of its expa..

Real Estate

12 May 2026

ESNAAD Hands Over The Spark Project in Dubai

ESNAAD Real Estate Development has announced the handover of The Spark by ESNAAD, its residential project located in Mohammed Bin Rashid City, Dubai.The development comprises a ground floor, five residential floors and a rooftop, with 50 one and two-bedroom apartments. The project has been designed with a focus on practical layouts, contemporary architecture and long-term value for homeowners and investors.Located in District 11 of Mohammed Bin Rashid City, the project offers connectivity to Downtown Dubai, DIFC, Meydan, Dubai Marina and Dubai International Airport through Dubai Al Ain Road.Th..

Equipment

12 May 2026

L&T Achieves Double Tunnel Breakthrough at Dibang

Larsen & Toubro (L&T) has achieved a historic double milestone at the Dibang Multipurpose Project (Lot-02) in Arunachal Pradesh. On 28 April 2026, its Heavy Civil Infrastructure team recorded simultaneous breakthroughs in Diversion Tunnel-4 and Diversion Tunnel-5, successfully coordinating two daylighting blasts on the same day amid the difficult geological and environmental conditions of the Lower Dibang Valley.With this, the project has now completed breakthroughs in three of the five diversion tunnels, following DT-3 in February. The 2880 MW Dibang Multipurpose Project is a critical..