02 August, 2022
Mumbai
National Investment and Infrastructure Fund Limited (NIIFL) announces the acquisition of a 100 per cent equity stake in the Shapoorji Pallonji Group’s SP Jammu Udhampur Highway Limited (“SP Jammu Udhampur”) through the NIIF Master Fund at an enterprise value of over USD 290 million. The operational road in the union territory of Jammu and Kashmir (J & K) will be managed by NIIF Master Fund’s proprietary roads platform Athaang Infrastructure. This acquisition further expands the fund’s road portfolio to four assets with an aggregate revenue rate of more than USD 170 million p.a.
SP Jammu Udhampur developed the highway project under concession from the National Highways Authority of India (NHAI) on a Build-Operate-Transfer (Annuity) basis. The project receives fixed, semi-annual payments from NHAI, providing steady and predictable cash flows.
This four-laned 64.5 km highway provides an essential link between Jammu and Srinagar, enabling seamless movement of traffic and goods, with enhanced inter-region connectivity and a significant reduction of travel time between the two cities. The highway includes a 1.4 km twin tube tunnel stretch.
The asset fits well with NIIF Master Fund’s strategy to have a balanced portfolio with a mix of toll and annuity assets. We will continue to build the NIIF Master Fund road portfolio with an efficient selection of high-quality assets and superior O&M practices.
01 About National Investment and Infrastructure Fund Limited
National Investment and Infrastructure Fund Limited (NIIFL) is a collaborative investment platform for international and Indian investors, anchored by the Government of India, which manages funds with investments in different asset classes and diversified sectors that generate attractive risk-adjusted returns. NIIFL manages over $4.3 billion of equity capital commitments across its three funds – Master Fund, Fund of Funds, and Strategic Opportunities Fund, each with a distinct investment strategy committed to supporting the country’s growth needs.
Master Fund managed by NIIFL is one of India’s largest infrastructure funds, that aims to participate in the robust Indian infrastructure story. The fund invests in high-quality businesses and assets across core infrastructure sectors. With considerable experience in investing and operating infrastructure assets, the fund focuses on areas that are critical to India’s economic development and long-term growth prospects. For more information and recent updates on NIIFL, please visit www.niifindia.in and follow the official LinkedIn channel.
