MUMBAI: Canadian pension fund Caisse de dépôt et placement du Québec (CDPQ) has agreed to buy erstwhile IDFC Private Equity’s road portfolio Highway Concessions One (HC1) for Rs 2,400 crore, three people with direct knowledge of the development said.

CDPQ pipped its Canadian peer, Canada Pension Plan Investment Board (CPPIB), and Indian sovereign wealth fund National Investment and Infrastructure Fund (NIIF), among others. HC1 comprises seven road assets covering 472 kilometres and having consolidated revenues of Rs 620 crore a year.

“The ask (valuation expectation) was around Rs 3,000 crore,” said a person involved in the process.

Global infrastructure fund manager Global Infrastructure Partners (GIP) had taken over private equity and other non-core businesses of IDFC in 2018 after the latter’s merger with First Capital.

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It had mandated investment bank Edelweiss to look for buyers for the road assets.

The five toll roads and two annuity projects include Ulundurpet Expressways Pvt Ltd in Tamil Nadu, Nirmal BOT Ltd in Telangana, Dewas Bhopal Corridor Pvt Ltd in Madhya Pradesh, Bangalore Elevated Tollway Pvt Ltd in Karnataka, Godhra Expressways Pvt Ltd in Gujarat, Jodhpur Pali Expressway Pvt Ltd in Rajasthan and Shillong Expressway Pvt Ltd in Meghalaya.

A GIP spokesperson declined comment while a CDPQ spokesperson did not respond to emailed queries as of press time Tuesday.





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