Adani Group to acquire Macquarie road portfolio for Rs 3,110 crore

Adani Group on Thursday said it will acquire Macquarie Asia Infrastructure Fund's toll road portfolio in Andhra Pradesh and Gujarat for Rs 3,110 crore.

The portfolio of 972 lane km has a long concession life with established traffic in strategically located and important traffic corridors in western and southern India, the group said in a statement.

"Adani Road Transport Ltd (ARTL), a wholly-owned subsidiary of Adani Enterprises Ltd (AEL), engaged in the development, construction, operations and management of roads and highway projects in India, has entered into a definitive agreement to acquire Gujarat Road and Infrastructure Company Ltd (GRICL) (owned 56.8 per cent by Macquarie Asia Infrastructure Fund) and Swarna Tollway Private Ltd (STPL) (owned 100 per cent by Macquarie Asia Infrastructure Fund).

"ARTL will acquire 56.8 per cent in GRICL and 100 per cent stake in STPL subject to regulatory approval. The transaction is expected to close in September 2022," it added.

The acquisition is at an enterprise value of Rs 3,110 crore, according to the statement.

Over the years, Adani Enterprises has focused on building emerging infrastructure businesses and divesting them into separate listed entities.