MC EXCLUSIVE Macquarie set to acquire stake in CDPQ’s roads InvIT Maple for up to $350 million

Highways

• Macquarie to acquire minority stake in Maple Infrastructure for $300M+
• Macquarie and CDPQ to co-manage and equally own InvIT
• Maple InvIT manages seven NHAI toll roads spanning 3,328 lane km

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Australian asset manager Macquarie is set to acquire a “significant minority stake” in Canadian pension fund CDPQ-backed Maple Infrastructure Trust, which holds road assets, people aware of the development told Moneycontrol.

The deal is likely to be worth around $300-350 million, they added. Investment bank Rothschild is managing the stake sale

Macquarie and CDPQ will jointly manage and also hold equal stakes in the infrastructure investment trust, the sources said.

“The idea behind this deal is that CDPQ wants to bring on board a specialist infrastructure asset manager like Macquarie to help it grow and manage the InvIT. As a pension fund manager, they would prefer to be more of a passive investor and let an experienced asset manager drive the operations,” one of the sources cited above said.

Macquarie has been investing in Indian infrastructure and energy sectors since 2009 when it raised a dedicated India fund along with the State Bank of India.

The Australian currently manages a portfolio of nine National Highways Authority of India roads, which it acquired under the first toll-operate-transfer (TOT) asset monetisation programme in 2018 for an enterprise value of over Rs 9,600 crore. This was the biggest road sector M&A transaction at the time.

Moneycontrol reported on October 7 that Macquarie was in talks with several investors including KKR, EAAA and Cube Highways to sell these road assets.

Macquarie and CDPQ both declined to comment on the development.

Maple Infrastructure Trust

CDPQ, which rebranded as La Cassie last year, holds a 75 percent stake in the InvIT through CDPQ Infrastructure Asia III and Maple Highways Pte Limited.

Other shareholders of the InvIT include 360 One, with a 18.2 percent stake through multiple funds, Famy Steri Private Ltd holds a 3.1 percent stake and other minority shareholders who collectively hold 3.7 percent.

The InvIT manages a portfolio of seven operational NHAI toll road assets, spanning more than 3,328 lane kilometres.

The portfolio includes critical stretches of the Golden Quadrilateral and the East-West Corridor, along with the Eastern Peripheral Expressway, a part of the Delhi’ ring road.

According to a February report by ICRA, consolidated toll revenue for these assets rose to Rs 1,827 crore in FY25, a 5.8 percent increase from Rs 1,726 crore in the previous year