Essel arm close to sale of 2 road assets to NIIF-Roadis

MUMBAI : The National Investment and Infrastructure Fund (NIIF) and its joint venture partner Roadis are close to buying two road projects from Essel Infraprojects, wholly owned by Subhash Chandra’s debt-laden Essel group, in a deal valued at an estimated ₹1,500-1,800 crore, said two people aware of the discussions.

Mint reported in August that the Essel group had begun talks with NIIF, India’s sovereign wealth fund, and Roadis to sell part of its road portfolio after discussions with Caisse de dépôt et placement du Québec (CDPQ), Canada’s second-largest pension fund manager fell through last summer.

Essel had previously agreed to sell three of its road projects to CDPQ at an enterprise value of ₹3,300-3,500 crore.