MUMBAI: Canada Pension Plan Investment Board has emerged the front runner to acquire toll roads developer Ashoka Concessions, and is likely to sign a deal at an enterprise value of Rs 5,500 crore, or $770 million, two people aware of the development said.
Existing shareholders — a private equity fund jointly managed by Australia’s Macquarie Group and State Bank of IndiaNSE -0.41 %, and listed infrastructure developer Ashoka BuildconNSE 1.08 % are set to sell their stakes of 34% and 66%, respectively, to Canada’s largest pension fund, they said.
Ashoka Concessions’ roads portfolio comprises 15 assets, including six operational build, operate, transfer toll projects and eight under-construction hybrid annuity projects.
