MUMBAI
:
French concessions and development firm Vinci SA is nearing a $2 billion deal for Indian street property owned by Australian asset supervisor Macquarie Group, paving the way in which for its return to the nation after 11 years, two folks conscious of the matter advised Mint.
Macquarie launched the sale of its freeway property housed below Safeway Concessions Pvt. in September 2025, in search of round $1.2 billion for the portfolio, which it acquired in India’s first toll-operate-transfer (ToT) public sale in 2018 for ₹9,681 crore, or round $1.49 billion.
The race for the property narrowed to 3 contenders over the following months: Vinci’s concessions unit, Vinci Highways; IPO-bound EAAA India Options Ltd’s Sekura Roads; and KKR’s Vertis Infrastructure Belief, as reported by The Financial Instances in November 2025.
Vinci has emerged because the frontrunner for the deal that would fetch $2 billion for the property of Safeway Concessions, one of many two individuals cited above stated, on the situation of anonymity.
The second individual confirmed the event, including that the deal could shut within the coming weeks if each events agree on sure phrases.
The deal, as soon as accomplished, is prone to see the switch of 9 toll street initiatives spanning 681 kilometres in Andhra Pradesh and Gujarat to the French agency. The roads portfolio serves 38 million commuters every year and has over 1,700 staff.
For Vinci, this may mark the end result of its makes an attempt to return to India, after it exited the nation in 2015 amid coverage shifts within the street property business.
The corporate had initially sought to type a three way partnership with BlackRock-backed infrastructure fund International Infrastructure Companions (GIP), however talks fell by means of, the primary individual stated.
Vinci is prone to arrange an India unit to accommodate the street property and keep away from placing them into an infrastructure funding belief as a result of advanced regulatory procedures, the second individual added.
Mint‘s emailed queries to Vinci and Macquarie for feedback remained unanswered.
Vinci Highways noticed its annual income for the 12 months ended December 2025 rise 11% on a like-for-like foundation to €543 million. Its earnings earlier than curiosity, taxes, depreciation, and amortization (Ebitda) got here as much as €282 million, or 51.9% of income. The corporate additionally registered free money flows of near €90 million.
Investor curiosity
Vinci’s curiosity in India’s street property isn’t an outlier.
Media studies recommend Macquarie can be in search of a stake within the Canadian institutional investor CDPQ-backed Maple Infrastructure Belief. KKR has been consolidating its street portfolio below Vertis, because it goals to construct a platform massive sufficient to rival Singapore-based Dice Highways. Dice, in the meantime, acquired two annuity street property in Jammu & Kashmir in 2025.
Earlier in 2024, KKR-backed Highways Infrastructure Belief additionally signed definitive agreements to accumulate a dozen street initiatives from PNC Infratech Ltd for ₹9,005 crore.
The curiosity in roads is pushed by elements resembling the supply of a lot of property that permit massive institutional buyers, together with pension and sovereign wealth funds, to flock in. Macquarie’s property are additionally sweetened by the truth that they’ve a 30-year concession interval.
Vinci’s India guess additionally comes at a time when India’s street monetization has a gradual outlook.
Scores company Icra expects the sector to stay wholesome in 2025-26. “The Nationwide Highways Authority of India (NHAI) has recognized 24 property throughout 12 states for monetization by way of ToT and infrastructure funding trusts (InvITs) modes. The recognized 24 property could garner ₹21,000-24,000 crore for the NHAI,” the company stated in a March 2025 report.
Icra additionally expects toll charge progress of round 2.5-3.9% in 2025-26, which, coupled with 3-5% site visitors progress, is estimated to result in 7-9% progress in toll collections.
“Furthermore, the aggressive depth is anticipated to stay excessive, as builders will proceed to bid aggressively to shore up their order books,” it famous.