Macquarie, Ashoka Buildcon seek buyers for $2 billion roads business
Infrastructure developer Ashoka Buildcon and Macquarie Infrastructure and Real Assets (MIRA), one of the biggest foreign infrastructure investors in India, are seeking buyers for their $2 billion roads portfolio, Ashoka Concessions Ltd, said two people aware of the development, requesting anonymity.
In 2012, along with State Bank of India, Macquarie, through its first India-focused fund, purchased a 34% stake in Ashoka Concessions, a platform to own and operate toll-earning road assets, for ₹800 crore. The remaining stake was held by Ashoka Buildcon. Mint had reported on 29 May that Macquarie was looking to exit its roads portfolio in India.
“The formal process to sell the roads under Ashoka Concessions was launched recently. EY is managing the sale of the portfolio,” said the first person cited above.
