NIIF to sell over $1 bn worth of road projects

20 Oct 2023 CW Team

India's sovereign-backed National Investment and Infrastructure Fund (NIIF) is reportedly considering the sale of its inaugural portfolio comprising five road projects with an estimated enterprise value of approximately Rs 10,000 crore ($1.2 billion). Sources privy to this development have disclosed that NIIF has engaged the services of investment bank JP Morgan to oversee the sale process for this road assets portfolio. While formal negotiations are yet to commence, these discussions remain confidential as of now.

According to anonymous sources, one of them describing this as a significant event, this portfolio represents one of the largest road assets to enter the market recently, based on its valuation. The road projects, currently operational, are held under Athaang Infrastructure, a company sponsored by NIIF's Master Fund. Athaang manages five distinct assets, collectively covering over 230 kilometres of road infrastructure across regions in both northern and southern India.

Among the notable projects within this portfolio are two highways situated in Jammu and Kashmir, acquired separately by NIIF in 2022. The first, the 16.3-kilometre Qazigund Banihal Expressway, was procured from Navayuga Engineering in July 2022 for a sum of $380 million (Rs 3,163 crore). The second, the 64.5-kilometre Jammu Udhampur Highway, was acquired by Athaang in August 2022 from the Shapoorji Pallonji Group for $290 million (Rs 2,414 crore). Both of these projects are recognized as among the largest annuity projects awarded by the National Highways Authority of India.

Furthermore, NIIF also manages the 73-kilometre Kashi Tollway in Uttar Pradesh, connecting Prayagraj and Varanasi. The fund secured this project under the toll-operate-transfer (TOT) monetization programme of NHAI, with a value of Rs 3,144 crore in January 2023.

Real Estate

03 Apr 2026

Loomcraft Enters South India with Kerala Store Launch

Loomcraft has launched its exclusive store in Kerala, marking its entry into South India and a key step in its nationwide expansion strategy. The move targets a region driven by tourism and premium real estate demand, where outdoor spaces play a central role in hospitality and residential experiences.Kerala’s growing base of luxury resorts, boutique hotels, villas and gated communities has created strong demand for specialised outdoor furniture. However, the region has remained underserved, with buyers relying on imports or generic products not suited to humid, coastal and monsoon-heavy cond..

Mild Steel Prices Seen Rising to Rs 61,000 Per Tonne

Mild steel prices in India, currently around Rs 58,000 per tonne, are expected to rise to nearly Rs 61,000 per tonne in April, indicating an increase of about Rs 3,000 per tonne. The anticipated rise reflects structural pressures driven by geopolitical tensions, energy constraints and limited raw material availability.Ongoing global conflict has disrupted energy markets, leading to LNG shortages that are affecting domestic steel production. Small and mid-sized manufacturers, particularly those dependent on gas-based processes, are witnessing production cuts due to constrained energy supply, re..

Vedanta Expands Transgender Workforce to 75 Employees

Vedanta has strengthened its commitment to workplace inclusion by employing 75 transgender individuals across its businesses, including Vedanta Aluminium, Hindustan Zinc, Sesa Goa, FACOR and Cairn Oil & Gas. The initiative reflects sustained hiring efforts since 2022 to build equitable opportunities across operations, corporate and technical roles.Transgender employees are engaged in functions such as operations, finance, logistics, HR, CSR, healthcare and security, with provisions for internal mobility to support career progression. The company has implemented structured policies, includi..