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)

Infrastructure Transport

01 Jun 2026

MMRDA advances 250 m on Orange Gate–Marine Drive tunnel

The Mumbai Metropolitan Region Development Authority (MMRDA) has completed 250 m of underground tunnelling for the Orange Gate–Marine Drive Urban Road Tunnel using India’s largest slurry shield tunnel boring machine (TBM) deployed for an urban road project.The project involves twin tunnels extending over 7 km beneath critical transport corridors, including Central Railway, Western Railway and Metro Line 3. The work requires high-precision engineering to navigate densely developed urban infrastructure.Once completed, the tunnel is expected to reduce travel time between Orange Gate and Marin..

Infrastructure Urban

01 Jun 2026

Hindustan Zinc Pays Rs 188.46 Billion in FY26

Hindustan Zinc contributed Rs 188.46 billion to the public exchequer in FY 2025-26, according to its 9th Tax Transparency Report. The contribution, equivalent to 46 per cent of the company’s revenue, included direct and indirect taxes, government royalties, dividends to the Government of India, withholding taxes and other statutory levies.The company’s five-year cumulative contribution to the exchequer stood at Rs 915.72 billion. In FY26, Hindustan Zinc reported revenue of Rs 408.44 billion, EBITDA of Rs 221.62 billion and profit after tax of Rs 138.32 billion. It also achieved its highest..

Infrastructure Urban

01 Jun 2026

World of Concrete India 2026 Opens in Mumbai

Informa Markets in India will host the 12th edition of World of Concrete India 2026 from 3–5 June 2026 at the Bombay Exhibition Centre, Mumbai. The specialised B2B exhibition will bring together manufacturers, suppliers, contractors, developers, architects, consultants, infrastructure companies, project leaders and government stakeholders.The event is expected to feature over 350 brands and more than 18,000 trade professionals. It will cover concrete and cement, dry mortar, precast technologies, formwork, construction chemicals, industrial and commercial flooring, scaffolding, safety solutio..