India’s quasi-sovereign wealth fund, the National Investment and Infrastructure Fund (NIIF), has emerged as the buyer of the hybrid annuity road assets of Ashoka Concessions Ltd for an equity value of around $100 million, said two people aware of the development on condition of anonymity.
Ashoka Concessions’ roads portfolio comprises 15 projects, including six operational toll assets under the build, operate, transfer (BOT) model, one operational BOT annuity project and eight under-construction hybrid annuity projects.
The proposed deal with NIIF is only for the hybrid annuity model (HAM) assets. EY is running the sales process for the highways infrastructure company.
