GIP, Macquarie, VINCI join race for stake in CDPQ's India InvIT

Mumbai: Global Infrastructure Partners (GIP), Macquarie, and French road developer VINCI Highways are among large global institutional investors vying to acquire a significant minority stake in Maple Infrastructure Trust, an Indian infrastructure investment trust (InvIT) sponsored by Canadian pension fund CDPQ, said people familiar with the matter.

CDPQ aims to raise $350-$400 million (₹3,000-₹3,433 crore) through the new round of fundraising, the people said, adding it has appointed Rothschild to manage the process.

Maple currently has an enterprise value of about ₹16,000 crore (about $2 billion). The fresh capital will also help finance Maple's recent acquisition of toll road assets from Ashoka Concessions, the people cited above said.


In addition to CDPQ, several other existing investors are also expected to pare their holdings in the InvIT in the fundraising round.

As per the current shareholding of Maple InvIT, CDPQ Infrastructure Asia III has a 60% stake. The other shareholders are Maple Highways with 15%; 360 One Group at 18.3%; Fami Strei-the family office of the Taparia family, founders of contraceptive maker Famy Care-with 3.1%, and other investors including the family office of Uday Kotak owning a combined 3.6%.

VINCI, Macquarie, and CDPQ did not respond to email queries. A GIP spokesperson declined to comment. Maple Highways, CDPQ's dedicated roads platform in India, sponsors the InvIT, which manages seven assets. These include the Eastern Peripheral Expressway in the National Capital Region (under the ToT7 model) and Shree Jagannath Expressways (SJEPL) in Odisha.

Canada's Public Sector Pension Investment Board (PSP Investments) and Alberta Investment Management Corporation (AIMCo) have also expressed interest in acquiring a stake, as previously reported by ET.

In October 2023, Maple Infrastructure Trust acquired five build-operate-transfer (BOT) toll road assets from Ashoka Concessions for a combined enterprise value of ₹5,718 crore. The InvIT reported an income of ₹773 crore in FY24.

VINCI Highways, which exited India about a decade ago, is planning a re-entry through strategic acquisitions. A subsidiary of VINCI Concessions, the company had announced plans last September to acquire a 51% stake in Telangana-based HKR Roadways, alongside GIP Emerging Markets Fund, which was to acquire the remaining 49%. However, regulatory challenges reportedly stalled the deal.

VINCI exited India in 2015, citing policy shifts in road contract awards. Similarly, GIP had exited India's road sector in 2021, selling its entire stake in Highway Concessions One (HC1)-comprising seven highway assets totalling 487 kilometres across seven states-to private equity firm KKR.

Globally, VINCI Highways designs, finances, builds, and operates highways, bridges, tunnels, and urban roads, managing a 3,750-kilometer network across 14 countries.

According to a recent report by credit rating agency ICRA, toll collections are projected to grow by 7-9% this fiscal year, driven by higher toll rates.