Actis LLP has merged 11 road assets into a ₹10,000 crore infrastructure trust, signalling continued momentum in India’s road sector as long-term investors seek stable returns amid a flurry of recent deals.
Actis LLP has combined 11 road assets from two of its funds into an infrastructure investment trust valued at about ₹10,000 crore, or $1 billion, after raising ₹1,180 crore from investors, according to the company and people familiar with the transaction. The assets, which were previously held in Actis Long Life Infrastructure Fund 1 and Fund 2, have been transferred into NXT-Infra Trust, the firm said. Following the fundraising, Actis’s holding in the vehicle has fallen to 71% from 86%, with domestic investors owning the balance.
The move comes as India’s roads market continues to draw long-term capital from infrastructure funds, pension investors and other institutions looking for assets with steadier cash flows. Recent transactions underline that momentum: Cube Highways and Infrastructure bought HKR Roadways, which operates a 206-kilometre toll road in Telangana, for ₹1,650 crore, while Vinci Highways agreed to acquire Safeway Concessions’ nine toll roads in Andhra Pradesh and Gujarat from Macquarie Asset Management at a valuation of $1.7 billion. Macquarie has also recently bought units of toll-road operator Maple Infrastructure Trust, and KKR-backed Vertis Infrastructure Trust is in the running to buy Megha Engineering and Infrastructure Ltd’s road assets.
Adrian Mucalov, managing director and head of long-life infrastructure at Actis, said the firm sees a deep infrastructure opportunity in India, supported by established regulatory frameworks, and believes buying operating roads can deliver attractive risk-adjusted returns. Sumit Sen, managing director for long-life infrastructure at Actis, said the trust will serve as a platform for further acquisitions. The company has also indicated interest in other sectors, including digital infrastructure, electric vehicles, waste recycling and water services.
The transaction may also fit into a broader effort to recycle capital from mature road holdings. Livemint reported that Actis has been seeking a full or partial exit from NXT-Infra Trust and had appointed Ambit as adviser after the process went quiet for about six months. That report said the wider market for Indian road assets is seeing a heavy supply of deals as sponsors look to deleverage, even as large institutional investors continue to show interest.
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