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NIIF has appointed funding financial institution JP Morgan to run a sale course of for the roads portfolio, the sources mentioned. Formal conversations are but to start, added the sources talked about above on the situation of anonymity as these discussions are nonetheless in personal area. “This is likely one of the greatest highway portfolios, worth sensible, to hit the market in current occasions.” mentioned one of many sources cited above. These working highway property are housed beneath Athaang Infrastructure, an organization sponsored by NIIF’s Grasp Fund. Athaang holds 5 property with a complete highway size of over 230 kilometres unfold throughout north and south India.
The important thing amongst these are two highways in Jammu and Kashmir acquired individually by the fund in 2022. The 16.3-kilometre Qazigund Banihal Expressway was acquired from Navayuga Engineering in July 2022 for $380 million (Rs 3,163 crore). In the meantime, the 64.5-kilometre Jammu Udhampur Freeway was acquired by Athaang in August 2022 from Shapoorji Pallonji Group for $290 million (Rs 2,414 crore).
The 2 initiatives are amongst the biggest annuity initiatives awarded by the Nationwide Highways Authority of India. The fund operates the 73-kilometre Kashi Tollway in Uttar Pradesh that connects Prayagraj and Varanasi, which it gained beneath the toll-operate-transfer (TOT) monetisation programme of NHAI for a price of Rs 3,144 crore in January 2023.
Different property of the fund embody the 60-kilometre Dichpally Tollway in Telangana and the 22-kilometre Devanahalli Tollway in Karnataka, which have been acquired from the Essel Group in 2020. The previous connects Hyderabad to Nagpur whereas the latter connects Bengaluru metropolis to its airport.
The NIIF Grasp Fund has a corpus of $2.34 billion and is backed by marquee buyers similar to Abu Dhabi Funding Authority, Temasek, Ontario Academics’ Pension Plan, Australian Tremendous, Canada Pension Plan Funding Board, Public Sector Pension Funding Board, Improvement Finance Company, ICICI Financial institution, HDFC Group, Axis Financial institution and Kotak Life Insurance coverage Firm.
