Adani Group on Thursday said it will acquire Macquarie Asia Infrastructure Fund’s toll road portfolio in Andhra Pradesh and Gujarat for Rs 3,110 crore.

The portfolio of 972 km has a long concession life with established traffic in strategically located and important traffic corridors in western and southern India, the group said in a statement. “Adani Road Transport Ltd (ARTL), a wholly-owned subsidiary of Adani Enterprises Ltd (AEL), is engaged in the development, construction, operations and management of roads and highway projects in India.

“The company has entered into a definitive agreement to acquire Gujarat Road and Infrastructure Company Ltd (GRICL) and Swarna Tollway Private Ltd (STPL). Macquarie Asia Infrastructure Fund owns 56.8 per cent of GRICL and 100 per cent of STPL,” the company said.

“The transaction is expected to close in September 2022,” it added. The acquisition is at an enterprise value of Rs 3,110 crore, a statement said. The enterprise value of a company includes the equity value, debt as well as cash with the company. Equity value measures the value of a company’s shares. STPL has two stretches of toll roads in Andhra Pradesh — Tada to Nellore on NH-16 connecting important ports such as Chennai and Krishnapatnam in Andhra Pradesh and spanning 110 km; and Nandigama to Ibrahimpatnam to Vijayawada on NH-65 spanning 48 km, which connects key southern metro cities and provides feeder traffic to NH-16, the statement said.

GRICL also has two toll roads in Gujarat: Ahmedabad to Mehsana on SH-41 spanning 51.6 km with majority passenger traffic connecting northern Gujarat corridors; and Vadodara to Halol on SH-87, spanning 31.7 km, which is on Delhi-Mumbai Industrial Corridor with proximity to several industries. “Post-acquisition of the stake in GRICL, ARTL will also evaluate the acquisition of IL&FS stake in GRICL,” the statement said.

Over the years, Adani Enterprises has focused on building emerging infrastructure businesses and divesting them into separate listed entities. Macquarie Asset Management is part of Macquarie Group, a diversified financial group providing clients with asset management, finance, banking, advisory and risk and capital solutions across debt, equity, and commodities.