KKR and Sekura among companies in fray for Ashoka’s road assets

Private equity firm KKR, Edelweiss-owned Sekura, I Squared Capital’s Cube Highways and Shrem InvIT are in a race to acquire a portfolio of 11 hybrid annuity model (HAM) road projects of a subsidiary of Ashoka Buildcon, said two people aware of the development. “While many HAM assets are on sale in the market, they are small two-three asset portfolios. Ashoka’s portfolio is one of the biggest HAM portfolios available and hence it has seen interest from multiple players such as KKR, Edelweiss, Cube as well as Shrem,” said one of the people.