Adani buys Macquarie’s toll roads for ₹3,110 crore

Mumbai: The Gautam Adani-led Adani Enterprises, the business incubation arm of the Ahmedabad-based Adani Group, has agreed to acquire Macquarie Asia Infrastructure Fund’s toll road portfolio for Rs 3,110 crore. The deal will enhance Adani’s roads transportation business, which includes eight hybrid annuity mode (HAM) projects, five build-operate-transfer (BOT) projects and one toll-operate-transfer (TOT) project in 10 states in the country with more than Rs 41,000 crore of projects under management.The company aims to be a preeminent roads transportation platform in India.
According to the agreement between Adani and Macquarie, the former will acquire 56.8% stake in Gujarat Road and Infrastructure Company (GRICL) and 100% in Swarna Tollway (STPL) from Macquarie. The transaction is expected to close in September 2022. In GRICL, IL&FS owns 26.8% while the Gujarat government owns 16.4%. Adani, which has routed the Macquarie India toll road assets acquisition through its 100% arm Adani Road Transport (ARTL), said it will also evaluate the purchase of IL&FS stake in GRICL.