CDPQ and Actis finalise discussions for Ashoka Concession’s BOT road assets

Canada’s CDPQ and UK-based Actis are in the final stages of discussions to acquire the build-operate-transfer-toll road assets of Ashoka Concessions Limited, a subsidiary of highways builder Ashoka Buildcon Limited. The sale process began several months ago after KKR terminated its proposed transaction in May 2023. The equity value of the assets is estimated to be in the range of Rs 13 billion-Rs 15 billion, with an enterprise value of approximately Rs 45 billion. Ashoka Buildcon holds a 66 per cent stake in Ashoka Concessions, and SBI Macquarie holds the remaining stake. Once the deal is finalised, SBI Macquarie is expected to exit, receiving around Rs 12 billion.