New Delhi, March 26 -- French infrastructure group Vinci SA has agreed to acquire a portfolio of nine toll highway concessions in India from Australian infrastructure major Macquarie Asset Management, in a deal valued at about Rs 15,000 crore ($1.6 billion).

The assets, held under Safeway Concessions Pvt Ltd, comprise nearly 700 kilometres of highway sections across Andhra Pradesh and Gujarat. They include stretches on the NH-16 corridor, which is part of India's "Golden Quadrilateral", linking Kolkata and Chennai, as well as roads serving key industrial areas in Gujarat.

In January this year, VCCircle first reported that VINCI had emerged as the highest bidder. It was competing against Edelweiss Group's EAAA Alternatives-backed Sekura Roads and KKR-backed Vertis Infrastructure Trust. The three had been shortlisted from a broader group that included Cube Highways, among others. Industry sources at the time had estimated the deal value at Rs 12,000-15,000 crore.

Macquarie had originally acquired the portfolio in India's first TOT auction in 2018 for Rs 9,681 crore. It had invested in the assets through its Macquarie Asia Infrastructure Fund 2.

Macquarie started the sale process in September 2025, initially seeking an enterprise value of around Rs 10,000 crore ($1.2 billion).

The highways operate under toll-operate-transfer (TOT) contracts awarded by the National Highways Authority of India (NHAI), with revenues generated from traffic-driven toll collections. The concession period matures between 2048 and 2058.

VINCI said the deal offers "significant potential for value creation" through operational improvements, including enhancements in road safety, environmental performance and toll digitalization as India transitions toward a free-flow tolling system. The company already has a presence in India via its ViaPlus subsidiary in Hyderabad.

The financial closing of the deal is expected by the end of 2026, subject to regulatory approvals from Indian authorities.

The acquisition marks VINCI's return to substantial highway operations in India after more than a decade. The company had previously attempted a joint venture with BlackRock-owned Global Infrastructure Partners (GIP) for another Indian highway asset, but the talks fell through, VCCircle had reported in January last year.

In September 2024, Vinci and GIP had announced plans to acquire a controlling stake in an Indian company operating a 206-km highway in Telangana, majority-owned by Kotak Special Situations Fund (KSSF). As part of the proposed deal, Vinci was to acquire a 51% stake and GIP the remaining 49%.

VINCI is one of the world's largest players in concessions, energy and construction, with around 294,000 employees across more than 120 countries.

Published by HT Digital Content Services with permission from VC Circle.