CPPIB leads race to buy Ashoka Concessions for Rs 55 billion

Reportedly, the Canada Pension Plan Investment Board (CPPIB) has emerged as the front runner to acquire Ashoka Concessions, and is likely to sign a deal at an enterprise value of Rs 55 billion. Existing shareholders – a private equity fund jointly managed by Australia’s Macquarie Group and SBI, and Ashoka Buildcon Limited are set to sell their stakes of 34 per cent and 66 per cent, respectively, to CPPIB. Ashoka Concessions’ roads portfolio comprises 15 assets, including six operational BOT toll projects and eight under-construction hybrid annuity projects. Besides CPPIB, other contenders for the company include The National Investment and Infrastructure Fund, I Squared Capital-owned Cube Highways, Sekura Roads and Canadian fund Caisse de dépôt et placement du Québec.