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French infrastructure company Vinci SA has agreed to acquire a portfolio of nine operational toll highways in India from Macquarie Asset Management for an enterprise value of about USD 1.7 billion (approximately INR 15,000 crore), in one of the largest road asset transactions in the country. The deal, announced in the past week, involves assets held under the Safeway Concessions platform, spanning nearly 700 km across Andhra Pradesh and Gujarat. Originally acquired by Macquarie in 2018 under the toll-operate-transfer (TOT) model, the assets are being divested as part of its portfolio strategy. The transaction is subject to regulatory approvals and is expected to reach financial closure by end-2026, with Vinci likely to house the assets under a local operating structure.
Vinci SA has agreed to acquire a portfolio of nine toll highway concessions in India from Macquarie Asset Management for approximately USD 1.7 billion in the past week, marking the company's return to the Indian road infrastructure sector after more than a decade, with the transaction expected to close by the end of 2026 subject to regulatory approvals. Advertisement
The acquisition involves the Safeway Concessions platform, which holds rights to operate nine highway stretches covering nearly 700 km across Andhra Pradesh and Gujarat. These assets were originally secured by Macquarie in 2018 under the toll-operate-transfer (TOT) model introduced by the National Highways Authority of India, which allows private operators to manage and monetise existing public road infrastructure.
The highway portfolio includes sections along key freight and passenger corridors, including parts of the NH-16 route within the Golden Quadrilateral network linking Kolkata and Chennai, as well as stretches serving industrial regions in Gujarat. The concessions are structured with long-term agreements extending between 2048 and 2058, with revenue generated through toll collections linked to traffic volumes.
Macquarie initiated the sale process for the platform in 2025, with the bidding attracting interest from multiple global and domestic investors. The final round included Vinci, Sekura Roads backed by EAAA India Alternatives, and KKR's infrastructure investment platform. Vinci emerged as the preferred bidder following the competitive process.
As part of the transaction structure, Vinci is expected to establish a local entity to hold and operate the assets, instead of transferring them into an infrastructure investment trust, citing regulatory complexities associated with such structures. The final transaction value may be adjusted based on foreign exchange movements and other closing considerations.
The deal represents one of the largest monetisation transactions under India's road sector and reflects continued investor interest in operational infrastructure assets with stable revenue streams. Industry participants have noted that toll road concessions with long residual concession periods and established traffic patterns remain attractive to global institutional investors, including pension and sovereign wealth funds.
Macquarie, which had acquired the portfolio for around INR 9,680 crore during the first TOT bundle, is exiting the investment after holding the assets for several years. The sale aligns with its broader strategy of recycling capital across infrastructure investments globally.
The transaction also comes amid ongoing road asset monetisation initiatives by Indian authorities, with multiple highway bundles being prepared for private participation under the TOT and infrastructure investment trust frameworks. The entry of Vinci is expected to add to the pool of international operators in India's transport infrastructure sector, where operational assets continue to be prioritised over greenfield development due to lower execution risk and predictable cash flows.
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