NIIFL acquires Essel tollways in two states

The National Investment and Infrastructure Fund Limited (NIIFL) has announced the acquisition of Essel Devanahalli tollway and Essel Dichpally tollway through the NIIF Master Fund.

With this acquisition, NIIF has taken its first step to build its portfolio in the roads and highways sector, said a press release.

These projects will be managed by Athaang Infrastructure, NIIF’s proprietary roads platform backed by a team of experienced professionals with rich domain expertise in the transportation sector, added the release.

While Essel Devanahalli tollway is a strategic arterial 22-km, six-lane toll road in Karnataka, connecting Bengaluru city and its airport, Essel Dichpally tollway is a 60-km, four-lane toll road in the state of Telangana.

In addition to the road sector platform, NIIF Master Fund has also anchored platforms in the ports and logistics, renewables, and energy-smart meters sectors.

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Vinod Giri, Managing Partner, NIIF, said, “NIIF is pleased to announce its first investment in the roads sector. Athaang will invest in strategic assets and develop a portfolio including mature operational assets, annuities/hybrid annuities, large size expressways and highways with greenfield and brownfield expansion requirements. Athaang’s objective is to emerge as the preferred partner for stakeholders in the Indian roads sector.”