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Morgan Stanley fund to invest $200m in 3 highway projects
Morgan Stanley's global infrastructure fund will invest up to USD 200 million in a joint venture with Spain's Isolux Corsán Concesiones to construct three highway projects in India under long-term concession agreements awarded through the build-operate-transfer program of the National Highways Authority of India (NHAI).
Morgan Stanley 's global infrastructure fund will invest up to USD 200 million in a joint venture with Spain's Isolux Corsán Concesiones to construct three highway projects in India under long-term concession agreements awarded through the build-operate-transfer program of the National Highways Authority of India (NHAI).
Spain's Grupo Isolux Corsan has also committed to match the investment in the joint venture, brining the total commitment to USD 400 million, Morgan Stanly said in a press release Tuesday.
The three highways projects, which total over 400 kilometers of road, are estimated to cost over USD 1.6 billion and have already received debt financing from leading financial institutions and substantial equity investment from Isolux Corsán, the release said.
In addition to these three projects, Isolux Corsán has qualified to bid on several new NHAI projects. The projects are expansions of existing roads, and will link major cities, industrial hubs, as well as ports and tourist attractions, the release said.
NHAI's National Highway Development Program, initiated in 1999 is among the largest PPP programs in the world today and is estimated to total USD 50 billion when completed, Morgan Stanley said in the release.
