NIIF, KKR, Adani Reportedly among Bidders for Brookfield's India Roads Unit
December 06, 2021 at 12:09 am EST
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Close to a dozen suitors have shown interest to acquire Peak Infrastructure, the Indian road platform of Brookfield Asset Management Inc. (TSX:BAM.A), said multiple people aware of the development. About 12 non-disclosure agreements were signed with the interested parties and the bids will be in by December end, said one of the sources. KPMG is advising Brookfield on the sale process. The deal size may range between $1.2-1.5 billion (INR 110 billion) of enterprise value, said the sources. The names of the potential buyers include KKR & Co. Inc. (NYSE:KKR), National Investment and Infrastructure Fund Limited (NIIF), Adani Enterprises Limited (BSE:512599),
Cube Highways and Infrastructure III Pte. Ltd., Macquarie Group Limited (ASX:MQG), Actis, CPP Investments Limited and CDPQ India Private Limited as well as IRB Infrastructure Developers Limited and Edelweiss Infrastructure. Vinci Concessions, which has been looking to reenter India, may also bid for the assets, said one of the said sources. CPP Investments will bid through Indinfravit Trust (BSE:541300), the infrastructure investment trust (InvIT) owned by CPP Investments and L&T Infrastructure Development Projects. The Canadian asset manager will sell Peak Infrastructure, whose road platform in India consists of five road assets, and the mandate will be given in a week, ET first reported in September. Spokespersons with Brookfield, CPPIB, CDPQ, KKR, NIIF and Edelweiss declined to comment, while mails sent to Macquarie, Cube Highways, Vinci, Adani, Actis did not elicit any responses.
IndInfravit Trust (the Trust) is an infrastructure investment trust. The Trust is formed to invest in infrastructure assets primarily being in the road sector in India. The Trustâs road projects are implemented and held by special purpose vehicles. It operates and maintains 17 build-operate-transfer (BOT) / annuity road assets across eight Indian states. The Trustâs projects include Devihalli Hassan Tollway Private Limited, Beawar Pali Pindwara Tollway Private Limited, Krishnagiri Walajahpet Tollway Private Limited, Bijapur Hungund Tollway Private Limited, Dhule Palesner Tollway Private Limited, and Hyderabad Yadgiri Tollway Private Limited. It also owns five operational road projects, such as Simhapuri Expressway Limited, Rayalaseema Expressway Private Limited, Mumbai Nasik Expressway Private Limited, Kosi Bridge Infrastructure Company Private Limited, and Gorakhpur Infrastructure Company Private Limited. LTIDPL IndvIT Services Limited is the investment manager of the Trust.