Macquarie buys stake in Indian road

SBI Macquarie Infrastructure Trust has acquired a stake in a closed Indian highway PPP.

The trust has bought a 74% stake in the Trichy Tollway project for $44.2m, originally developed by the Malaysian construction firm IJM and the Shapoorji Pallonji corporation.

SBI Macquarie bought almost equal stake from the two JV partners, reducing their collective stake to 26%. Post the acquisition, SBI Macquarie has recruited Feedback Brisa Highways OMT, a JV between Feedback Infrastructure and Brisa, Auto Estradas de Portugal SA, to operate and maintain the project.

This represents SBI Macquarie’s third investment into this market over the last year.