
Brookfield, NIIF, Actis place bids to buy Ashoka Concessions
Canada’s Brookfield Asset Management Inc., India’s quasi-sovereign wealth fund National Investment and Infrastructure Fund (NIIF) and private-equity firm Actis Llp have placed bids to buy Ashoka Concessions Ltd in a deal with an implied equity value of around $350 million, said two people aware of the development.
EY is running the sales process for the highways infrastructure firm. “It is now to be decided who gets the exclusivity on the deal that has an enterprise value (EV) of around $1.2 billion,” one of the two people cited above said, requesting anonymity.
The roads portfolio of Ashoka Concessions comprises 15 assets, including six operational build, operate, transfer (BOT) toll projects, one operational BOT annuity project and eight under-construction hybrid annuity projects. Ashoka Buildcon Ltd has a 61% stake in Ashoka Concessions, and the remaining 39% is held by Macquarie Infrastructure and Real Assets, one of the biggest foreign infrastructure investors in India.
In 2012, Macquarie, through its first India-focused fund, bought a stake in Ashoka Concessions for ₹800 crore. It finalized the deal jointly with State Bank of India.
Spokespersons for Brookfield, Actis, Macquarie Group and EY declined to comment.
“As per NIIF policy, we do not comment on market speculation and information gathered from third-party sources,” said an external spokesperson for NIIF in an emailed response.

Sensex down 759 points to 50,280 in opening session; Nifty slides 220 points

GDP to shrink 7% this fiscal, see 13.7% growth in FY 22, says Moody’s

Burman family may get joint promoter status at Eveready

Bharti Airtel raises $1.25 billion through overseas bonds

Govt tweaks norms for public procurement deals: Officials

Supreme Court gives breather to govt, EPFO in pensions case

Powell is patient but markets aren’t, challenging new Fed policy

Oil mixed, US crude hits highest since 2019 as refineries restart

Oil set for monthly surge with market watching next OPEC+ move

Wall Street closes down, tech selloff drags as bond yields climb

US trade nominee says Prez Joe Biden's team backs use of tariffs

Twitter expects annual revenue to double in 2023

Debt crisis threatens developing nations, says World Bank head

Sebi to issue guidelines related to environmental, social, corporate governance
