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.

Infrastructure Urban

17 Sep 2025

DCPC Prepares for Special Campaign 5.0 with Focus on E-Waste

The Department of Chemicals and Petrochemicals (DCPC), Ministry of Chemicals and Fertilisers, is gearing up for Special Campaign 5.0, to be held from 2nd to 31st October 2025. The initiative will focus on e-waste disposal as per MoEFCC’s E-Waste Management Rules 2022, space optimisation, and enhancing workplace efficiency across field offices.Special Campaign 4.0, conducted between October 2023 and October 2024, delivered notable results in record management, grievance redressal, scrap disposal, and cleanliness drives.Key outcomes of Special Campaign 4.0Records management: 2,443 physical fil..

BlackRock India Leases 1.4 Lakh Sq Ft in Bengaluru

BlackRock Services India, the domestic arm of global asset manager BlackRock, has leased 1.4 lakh sq ft of office space at IndiQube Symphony in Bengaluru, according to Propstack data. The 10-year deal is valued at around Rs 4.10 billion.The lease, among the largest transactions in India’s co-working sector, highlights the growing preference of global institutions for flexible office providers. The agreement, commencing October 1, 2025, covers ground plus five floors in KNG Tower 1 at Ashoknagar, MG Road — one of Bengaluru’s prime commercial hubs.As per the lease document, BlackRock will ..

L&T Bags Rs 25–50 Bn Order for Mumbai-Ahmedabad Bullet Train Track Works

Larsen & Toubro’s (L&T) Transportation Infrastructure business has secured an order valued between Rs 25 crore and Rs 50 billion from the National High Speed Rail Corporation Limited (NHSRCL) for the Mumbai-Ahmedabad High Speed Rail (MAHSR) corridor.The contract, Package T1, involves the design, supply, construction, testing, and commissioning of 156 route km of high-speed ballastless track on a Design-Build Lump Sum Price basis. The stretch runs from Mumbai’s Bandra-Kurla Complex to Zaroli village in Gujarat and includes 21 km of underground track and 135 km of elevated viaduct.Se..