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French infrastructure firm VINCI Highways has emerged as the winning bidder to acquire Macquarie Asset Management's Toll Operate Transfer (ToT) 1 road portfolio in India for about INR 15,000 crore (around USD 1.6 billion). The portfolio includes nine operational toll projects spanning 648 km across Andhra Pradesh and Gujarat. Originally purchased by Macquarie in 2018 for INR 9,681 crore, the assets have generated consistent revenue over the years. VINCI's bid surpassed rivals such as Sekura Roads and KKR backed Vertis Infrastructure Trust, marking the French firm's return to India's road infrastructure sector after nearly a decade.
French infrastructure company VINCI Highways is set to acquire Macquarie Asset Management's (MAM) Toll Operate Transfer (ToT) 1 portfolio in India for approximately INR 15,000 crore (about USD 1.6 billion). The deal is expected to close by the end of 2026, subject to regulatory approvals and customary financial adjustments. Advertisement
The portfolio comprises nine toll road projects covering roughly 648 km across Andhra Pradesh and Gujarat, under Safeway Concessions Pvt Ltd, and includes stretches on major industrial corridors and the Golden Quadrilateral. Commercial vehicles contribute over 80% of traffic, providing steady and predictable revenue for the concessionaire. These roads connect ports, industrial hubs, and major urban centers, making them strategically important for freight and passenger traffic.
Macquarie had acquired these assets in 2018 through India's first ToT auction for INR 9,681 crore, which was 1.5 times the base price set by the National Highways Authority of India (NHAI). Over its tenure, Macquarie focused on maintaining operational efficiency and traffic management, ensuring consistent toll collections and revenue growth across the portfolio. This divestment is part of Macquarie's long-term strategy to recycle capital and focus on other investment areas.
In the competitive bidding process, VINCI's offer surpassed proposals from Sekura Roads (backed by Edelweiss) and KKR backed Vertis Infrastructure Trust. VINCI had previously exited the Indian toll road market in 2015, but its return reflects renewed confidence in India's growing infrastructure sector and long-term investment potential.
VINCI plans to leverage its global experience to optimise operations across the acquired assets, including road safety enhancements, toll digitalisation, and efficiency improvements. The company manages an extensive international road network and sees opportunities to apply global best practices to India's toll operations.
Completion of the transaction will depend on final approvals, financial structuring, and customary adjustments before financial close. Once done, this acquisition will be one of the largest single transaction exits in India's road infrastructure sector and could encourage further institutional investment in operational toll projects.
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