NIIF to acquire Ashoka Buildcon toll road company

07 Jun 2022 CW Team

National Investment and Infrastructure Fund (NIIF), India’s first infra-focused corpus, is in talks for the acquisition of a road project owned by Ashoka Buildcon and Macquarie India. The Madhya Pradesh property in the surrounding areas is valued at Rs 1,000 crore.

It is said that the talks are reaching the final stage on the transfer of ownership of the Jaora-Nayagaon Toll Road Company operating the 120 km Jaora-Nayagaon section, SH-31 (erstwhile NH-79). Ashoka subsidiary has a 74% share of the Jaora-Nayagaon Toll Road Company, and the remaining 26% is owned by Macquarie India.

As the talks are in a concluding stage the deal is expected to be signed in a month. The asset will be bought via Athaang Infrastructure. It is a road platform created by NIIF Master Fund.

Jaora-Nayagaon Toll Road was owned by a group of four developers - IFCI, SREI Group, PNC Infratech, and SPML Infra, in the form of a special purpose vehicle (SPV) for the development of the Jaora-Nayagaon section, on the basis of build, operate and transfer (BOT), toll basis.

Ashoka Concessions later bought a controlling stake and the management control of this project in 2015. However, IFCI sold a 26% stake to SBI Macquarie Infra.

Athaang has ownership of three strategic road assets, which include the Dichpally Tollway and Devanahalli Tollway.

In April, NIIF also took hold of the GVR Ashoka Chennai Outer Ring Road in Tamil Nadu from Ashoka Concessions for Rs 686 crore.

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