KKR InvIT acquires Macquarie's 4 road assets for ₹3,000 cr
KKR, has acquired four road assets from Macquarie India in a deal worth ₹3,000 crore. Earlier, Adani Road Transport had agreed to acquire these road assets for ₹3,100 crore, but terminated the deal last month citing «unsatisfactory conditions». Highways Infrastructure Trust (HIT) will acquire Gujarat Road & Infrastructure (GRICL) and Swarna Tollway (STPL), the InvIT said in a filing with stock exchanges.
GRICL and STPL own two toll roads each. Macquarie Asia Infrastructure Fund owns a 56.8% stake in GRICL, while IL&FS holds 26.8% and the balance stake is with the Gujarat government. GRICL's toll roads are in Gujarat.
The Ahmedabad to Mehsana stretch on SH-41 spans 51.6 kms. The second road asset of 31.7 kms from Vadodara to Halol on SH-87 is on the Delhi-Mumbai Industrial Corridor. STPL's assets are in Andhra Pradesh — 110 kms from Tada to Nellore on NH-16 connecting ports such as Chennai and Krishnapatnam and the 48-km Nandigama-Ibrahimpatnam-Vijayawada stretch on NH-65, which provides feeder traffic to NH16.
KKR, the sponsor of HIT, held an 89.99% stake in the InvIT as on March 31, 2023. Canada's Ontario Teachers' Pension Plan holds a 7.51% stake and the rest is owned by other institutional and non-institutional shareholders. HIT is likely to win a 316-km-long highway asset under the ToT 12 auction by the National Highways Authority of India as the highest bidder with an offer of ₹4,181 crore, ET reported last week.
Read more on economictimes.indiatimes.com
