National Investment and Infrastructure Fund (NIIF) is in advanced discussions to acquire three operational road assets of leading highway developer Ashoka Concession, said two people aware of the development.
NIIF is likely to pay about ₹3,500 crore as enterprise value for the assets, the people cited earlier told ET. The management of Ashoka Concession plans to split the portfolio of 15 road assets into separate assets and sell to investors as the sale of all assets in a single transaction has not materialised in the last two years.
Ashoka Buildcon NSE 2.22 % has a 61% stake in Ashoka Concessions, and the remaining 39% is held by Macquarie Infrastructure and Real Assets, one of the largest foreign infrastructure investors in India.
