KKR is to acquire Global Infrastructure Partners’ (GIP) entire interest in Highway Concessions One (HC1) and seven highway assets with a total length of 487 kilometres.
HC1 is a platform in India that manages GIP’s road portfolio which spans across seven states including Gujarat, Karnataka, Madhya Pradesh, Meghalaya, Rajasthan, Tamil Nadu, and Telangana.
Through the acquisition of GIP’s interest in HC1, KKR aims to help strengthen and expand India’s national highway network, which serves about 40 per cent of total traffic but accounts for only 2 per cent of the country’s road network. This latest infrastructure investment is also in line with the government’s focus on improving connectivity between cities, with the National Highways Authority of India planning to build 60,000 kilometres of highway in the next five years.
KKR made its investment from the KKR Asia Pacific Infrastructure Fund (the Fund). The investment represents KKR’s third investment in India from the Fund and the Firm’s first investment in Asia’s transport sector. Recent infrastructure investments in India include India Grid Trust (IndiGrid), a leading infrastructure investment trust in India, and Virescent Infrastructure, a renewable energy company in India. Additional details of the transaction are not disclosed.
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