VINCI Highways has agreed to acquire a portfolio of toll roads in India from Macquarie Asset Management for an enterprise value of about $1.6 billion (₹15,000 crore), as per the press release. The assets are held under Safeway Concessions Pvt Ltd.
As per the report, the deal is subject to regulatory approvals and is expected to close by the end of 2026. The final consideration will be adjusted at closing based on financial structuring.
The portfolio includes 9 operational toll road projects covering 648 km across Andhra Pradesh and Gujarat.
These assets were acquired by Macquarie in 2018 through the first Toll-Operate-Transfer (ToT) auction conducted by the National Highways Authority of India for ₹9,681 crore.
The current valuation implies a multiple of around 15 times EBITDA. The concession period extends to 30 years, providing long-term revenue visibility.
A significant share of toll income comes from Andhra Pradesh stretches along the NH-16 corridor, part of the Golden Quadrilateral. These account for about 71% of total revenues and connect industrial regions and port clusters.
The Gujarat assets link industrial centres such as Morbi and Rajkot with ports including Kandla and Mundra. Commercial vehicles contribute more than 80% of toll-paying traffic, supporting stable cash flows.
The portfolio comprises 9 special purpose vehicles, including Siddhantham Tollway, Anakapalli Tollway, and Porbandar Jetpur Tollway. These assets serve key freight routes and port connectivity across both states.
VINCI Highways indicated it may focus on operations, including safety measures and toll system upgrades. Its subsidiary ViaPlus, which has a presence in Hyderabad, is to support technology-related improvements.
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The transaction represents an exit for Macquarie from its early ToT investments in India. For VINCI, it is a return to the Indian roads sector after nearly a decade, through a portfolio of operational assets with established traffic flows and concession tenures.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.
Investments in the securities market are subject to market risks, read all the related documents carefully before investing.
Published on: Mar 27, 2026, 11:26 AM IST
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