Macquarie, SBI invest $18m in Ashoka Concessions
Private equity funds jointly managed by State Bank of India and Australia's Macquarie Group have invested INR1.1 billion ($17.9 million) in Ashoka Concessions (ACL), a toll road builder. The funding is the third tranche of a $150 million (INR 8.307 billion at the time) commitment made in August 2012.
The rupee-denominated SBI Macquarie Infrastructure Trust has invested INR308 million while the remainder INR792 million is from the Macquarie SBI Infrastructure Fund.
ACL is a subsidiary of listed Ashoka Buildcon, which operates roads and bridges in India on a build, operate and transfer (BOT) basis.
According to a regulatory filing, the capital will be used for equity investment into various projects that are under construction. Including this tranche, the total equity investment by SBI-Macquarie in ACL so far is INR4.9 billion.
Of the total $150 million commitment, the Macquarie SBI Infrastructure Fund will back ACL with $104.5 million while the rupee-denominated SBI Macquarie Infrastructure Trust will provide INR 2.24 billion.
The domestic fund has approximately INR11.87 billion of committed capital and has also co-invested alongside the $910 million international fund in GMR Jadcherla Expressways, an operating road located in the south Indian state of Andhra Pradesh, and the Trichy Tollways operating road in Tamil Nadu for a 74% stake in both the assets.
The funds' portfolio also includes telecom tower company Viom Networks, and coal-based power plants developed by Adhunik Power and the Moser Baer group.
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