Macquarie starts sale of its largest road portfolio in India

The sale of Macquarie Asset Management’s (MAM’s) largest road portfolio in India has formally begun, with an enterprise value of approximately Rs 100 billion being pursued. JP Morgan has been appointed as the transaction’s adviser. The portfolio comprises nine toll road projects totalling 648 km throughout Andhra Pradesh and Gujarat. In order to increase the number of bidders, Macquarie has divided the assets into three bundles, each of which consists of a mix of projects from Gujarat and Andhra Pradesh, even though the original goal was to sell the entire portfolio in a single transaction. Siddhantham, Ankapalli and Bamanbore toll roads make up Bundle 1; Diwantham, Garamore and Icchapuram toll roads make up Bundle 2; and Diwancheruvu, Puintola and Porbandar Jetpur toll roads make up Bundle 3. According to media reports, these projects collectively brought in over Rs 10 billion in toll income in 2024-25.