Other contenders that submitted non-binding offers include CPP Investments-owned Interise Trust, IRB Infrastructure, and Cube Highways. The transaction is being advised by JP Morgan. The shortlisted firms are expected to begin due diligence shortly, with binding bids likely to be submitted in the coming months.
The submitted bids are estimated at around Rs 95 billion, sources said.
Macquarie officially launched the sale of its largest road portfolio in India in September 2025, seeking an enterprise value of about Rs 100 billion (USD 1.2 billion). The sale follows an exploratory phase initiated in December 2024, when the firm began engaging potential advisors and investors.
The portfolio consists of nine toll road projects spanning 648 kilometres across Andhra Pradesh and Gujarat, housed under Safeway Concessions Pvt Ltd, a platform created by Macquarie. These assets are backed by its Asia Infrastructure Fund 2 (MAIF 2) and MAIF 3.
In the financial year 2024–25, the roads collectively generated around Rs 10 billion in toll revenue, according to those aware of the deal. Macquarie had acquired these assets in 2018 under India’s first ToT auction, paying Rs 96.8 billion—about 1.5 times the base price set by the National Highways Authority of India (NHAI).
A Macquarie spokesperson declined to comment, while emails sent to KKR and VINCI Highways did not receive responses at press time.
If completed, the transaction would mark one of the largest secondary road infrastructure sales in India, underscoring the continued global investor interest in the country’s transport and logistics sector.
