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EY has successfully advised on the sale of five highway assets owned by Ashoka Concessions Limited to KKR for a total equity consideration of INR 13,375 million.
The transaction would provide a successful exit for Macquarie SBI Infrastructure Fund (MSIF) from its investment in Ashoka Concessions Limited. EY has been the trusted advisor to Macquarie and Ashoka Buildcon Limited in this investment since 2012. EY’s role has been pivotal throughout the investment life cycle for MSIF’s investment in 2012 to its exit in 2022.
EY was the exclusive sell side advisor for the transaction.
Macquarie-SBI Infrastructure Fund (MSIF) was set up by Macquarie Group and SBI for investments in the infrastructure sector in India. MSIF along with its co-investors, has made investments in Ashoka Concessions Limited, the holding company of Ashoka Buildcon, which is the road holding company for the development and operations of highway assets in India.
KKR is a leading global investment firm that manages multiple alternative asset classes, including private equity, energy, infrastructure, real estate and credit, with strategic partners that manage hedge funds. KKR will be making this acquisition from the KKR Asia Pacific Infrastructure Fund. The investment represents KKR’s fourth investment in India from the Fund and second investment in Asia’s transport sector.
"The transaction is a reflection of investors’ continued confidence in the India growth story and attractiveness of the Indian infrastructure sector. This is the second post pandemic highway portfolio M&A, both of which were advised by EY. This deal reaffirms our leadership position in the highway infrastructure transactions space."