I Squared Capital to buy India toll road from Malaysia's IJM

IJM said in a statement that it would sell its entire interest in Jaipur-Mahua Tollway Private to ISQ Asia Infrastructure I-A Private for a total consideration of INR5.25 billion ($85 million). The transaction will be structured across two tranches: an initial equity stake of 74% followed by the remaining 26% conditional on receiving approval from India's National Highways Authority for a two-year put and call option.

Jaipur-Mahua Tollway Private holds a concession for a stretch of National Highway 11 that connects the city of Jaipur in Rajasthan with Agra, home of the Taj Mahal, in Uttar Pradesh. The road has been in operation since 2009 under a 25-year build-operate-transfer concession.

IJM is one of Malaysia's largest conglomerates with interests spanning construction, building materials, palm oil plantations and infrastructure. It reported revenue of MYR6.7 billion ($1.9 billion) for the 2014 financial year, up from MYR5.4 billion the previous year. Net profit nearly doubled over the period, reaching MYR829.6 million.

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