VINCI Highways, a subsidiary of VINCI Concessions, has agreed to purchase the Safeway Concessions portfolio from Macquarie Asia Infrastructure Fund 2, managed by Macquarie Asset Management.
VINCI Concessions and VINCI Construction are both subsidiary companies under the VINCI Group. While VINCI Highways acts as an operator and concessionaire (financing and managing) road networks, VINCI Construction handles the design and physical construction of these projects.
The transaction involves nine toll highway concessions in the Indian states of Andhra Pradesh and Gujarat, covering almost 700km of key national routes.
The highways include segments along the NH-16 corridor in Andhra Pradesh, which is part of the Golden Quadrilateral connecting the Indian cities of Kolkata and Chennai.
In Gujarat, the assets connect areas within one of India’s most industrialised states. Both locations provide connections for industrial, agricultural and logistics activities.
The concessions operate under ‘Toll Operate Transfer’ contracts with the National Highway Authority of India (NHAI), with terms ending between 2048 and 2058.
Toll revenues generated by traffic on these routes compensate the concessionaire.
The enterprise value for Safeway Concessions stands at about Rs150 ($1.6bn), representing a multiple of roughly 15 times earnings before interest, taxes, depreciation and amortisation (EBITDA).
VINCI Highways indicated that the final price and equity investment will be confirmed after standard adjustments at closing and completion of financial structuring.
“The acquisition of a highway portfolio of this size and quality is a rare opportunity in a fast-growing market. It is perfectly in line with VINCI's long-term investment strategy in mobility infrastructure,” VINCI stated.
VINCI Highways has outlined plans to enhance financial and operational performance across the assets, citing potential improvements in processes, road safety and environmental standards.
The company also noted expected developments in toll digitalisation as India moves towards a free-flow system.
In support of this initiative, VINCI Highways’ subsidiary ViaPlus employs nearly 400 people in Hyderabad, Telangana.
The deal remains subject to regulatory approvals from Indian authorities, with closure expected by the end of 2026.
