Macquarie Asset Management has announced the sale of its interest in Safeway Concessions to VINCI Highways, a subsidiary of VINCI, at an implied enterprise value of about ₹15,000 crore (around $1.7 billion).
The Macquarie Asia Infrastructure Fund 2 includes nine toll highway concessions in Andhra Pradesh and Gujarat.
It covers nearly 700 kms of highway sections linking important industrial, agricultural and logistics areas. In Andhra Pradesh, it is located on the NH-16 corridor, part of the “Golden Quadrilateral” linking Kolkata to Chennai, while in Gujarat, it serves most industrialised regions.
The completion of the deal is subject to customary closing conditions, including approvals from the relevant regulatory authorities. Financial close is expected by the end of 2026.
Safeway’s growth under Macquarie ownership
Safeway was established under the National Highways Authority of India‘s Toll Operate Transfer model in 2018.
Since acquiring Safeway in 2018, MAM has established local operations and expanded into three offices, building a strong management team and implementing global standards across safety, governance and risk management.
Under MAM’s ownership, the platform also implemented sustainability plans in 2023, installed LED street lighting, added electric vehicles, and procured truck-mounted attenuators to enhance worker protection in active work zones.
The scale and quality of the highway portfolio present a rare opportunity in a fast-growing market and support VINCI Highways’ long-term mobility infrastructure strategy, reflecting its first entry into India’s roads sector.
India’s road sector offers long-term growth opportunities
Verena Lim, Co-Head of Asia-Pacific Macquarie Asset Management Infrastructure and Asia CEO for Macquarie Group, said India has the world’s second-largest road network, with a rapidly growing middle class driving higher demand for road usage.
The deal reinforces the long-term viability of the TOT privatisation model while attracting international strategic investors such as VINCI, she added.
“It is one of the largest pioneer foreign investors in India’s infrastructure sector, we continue to see compelling long-term opportunities across the market from transport to digital and energy infrastructure,” she added.
Published on April 7, 2026