Infrastructure fund commits US$450 million behind seven toll roads spanning 3,328 lane kilometres in India
Macquarie Asset Management completed the purchase of units in Maple Infrastructure Trust from global investment group La Caisse, leaving both firms with joint controlling stakes in the Indian toll road trust's investment manager and project manager.
The purchase ran through Macquarie Asia-Pacific Infrastructure Fund 4, which has committed US$450m to Maple, Macquarie Asset Management said in its announcement.
That total includes US$150m of additional equity earmarked for future acquisitions by Maple.
La Caisse has committed a further US$150m to support future growth.
Maple was established in 2021 and owns and operates seven toll roads across six states in Eastern, Northern and Southern India under long-term concession frameworks, according to the announcement.
Aggregate length of the network is approximately 3,328 lane kilometres.
India's road network extends around six million kilometres, Macquarie Asset Management said, citing rising vehicle ownership and growing mobility needs from an expanding middle class as drivers of demand for toll roads and electrification solutions.
Macquarie treats India as a key market and views Maple as a long-term infrastructure position, according to Verena Lim, co-head of Asia-Pacific infrastructure for Macquarie Asset Management and Asia CEO for Macquarie Group.
She said in the announcement that the firm will partner with La Caisse on Maple's next phase of growth.
Emmanuel Jaclot, executive vice-president and head of infrastructure and sustainability at La Caisse, said in the same announcement that the fund entered India's roads sector five years ago with "a single asset."
Maple has since grown into one of the country's largest road platforms, he said.
