National Investment and Infrastructure Fund acquires 2 Essel projects
The National Investment and Infrastructure Fund (NIIF) on Monday said it has acquired two assets – Devanahalli and Dichpally tollways – from Essel Group, marking its entry into the roads and highways sector. The deal size was not disclosed by NIIF. The acquisition is done through the NIIF Master Fund, and the projects will be managed by Athaang Infrastructure, NIIF’s proprietary roads platform backed by a team of experienced professionals with rich domain expertise in the transportation sector, it said in a statement.
Subhash Chandra’s debt-laden Essel Group has been in talks with NIIF to sell these assets since last year for an estimated Rs 1,500-1,800 crore. Essel Devanahalli Tollway is a strategic arterial 22-km six-lane toll road in Karnataka, connecting Bengaluru city and the airport and is a part of NH44 (erstwhile NH7).
