Macquarie Asset Management agrees to sale of interest in Safeway Concessions

Macquarie Asset Management (“MAM”), on behalf of the Macquarie Asia Infrastructure Fund 2 (“MAIF2”), announces the sale of its interest in Safeway Concessions (“Safeway”) to VINCI Highways, a subsidiary of VINCI, at an implied enterprise value of approximately INR150 billion ($US1.7 billion)¹, marking a milestone chapter in India’s toll road privatisation. It is also one of the largest toll road sales in India to date.

Safeway was established under the National Highways Authority of India’s (NHAI) Toll Operate Transfer (TOT) model in 2018. It was India’s first major toll road privatisation and represents one of the longest-tenured operating road portfolios in the country. Safeway comprises a portfolio of nine toll road concessions located in Andhra Pradesh and Gujarat, totalling nearly 700 kilometres across key national transport corridors.

Since acquiring Safeway in 2018, MAM has developed the platform into a well-established operating business, implementing several strategic asset management initiatives to drive growth and operational excellence. This included establishing local operations and expanding into three offices, building a strong management team and implementing global standards across safety, governance and risk management.

ESG and safety related improvements were central to the platform’s evolution. Under MAM’s ownership, the platform also implemented sustainability plans in 2023, installed LED streetlighting, electric vehicles, and procured truck-mounted attenuators to enhance protection for workers in active work zones. These efforts were supported by a focus on local employment and gender inclusion across toll operations.

This underscores a first-mover transaction from India’s TOT program, highlighting the long-term viability of its privatisation model for international strategic investors. The scale and quality of the highway portfolio present a rare opportunity in a fast-growing market and support VINCI Highways’ long-term mobility infrastructure strategy, reflecting its first entry into India’s roads secto

Verena Lim, Co-Head of Asia-Pacific Macquarie Asset Management Infrastructure and Asia CEO for Macquarie Group, said: “India has the world’s second-largest road network, with a rapidly growing middle class driving higher demand for road usage. We are proud to have built Safeway into a well-established platform from the ground up, strengthening governance and safety, and reinforcing the long-term viability of the TOT privatisation model, while attracting international strategic investors like VINCI.

“As one of the largest pioneer foreign investors in India's infrastructure sector, we continue to see compelling long-term opportunities across the market from transport to digital and energy infrastructure. We look forward to applying the same discipline and operating expertise as we invest and scale high-quality infrastructure assets in India. We believe, this should act as a conduit for long-term strategic capital and broader capital market participation over time.”

Completion is subject to customary closing conditions, including approvals from the relevant regulatory authorities. Financial close is expected by the end of 2026.

1. Assumes financial close to occur on 31 Dec 2026 and applying the 31 Dec 2025 FX rate of 90.06. Final figures are subject to changes on closing date, transaction related costs and FX hedge rate.