VINCI Highways, a subsidiary of VINCI Concessions, has signed an agreement with Macquarie Asia Infrastructure Fund 2, which is managed by Macquarie Asset Management, to acquire the Safeway Concessions portfolio, comprising nine toll highway concessions in the States of Andhra Pradesh, in south-east India, and Gujarat, in the west of the country. 

The nine concessions together cover nearly 700 km of highway stretches positioned along critical routes of India’s national road network, connecting major industrial, agricultural, and logistics hubs. The assets in Andhra Pradesh lie along the NH-16 corridor, which forms part of the Golden Quadrilateral linking Kolkata and Chennai—one of the country’s most important transport corridors. Meanwhile, the assets in Gujarat support connectivity in one of India’s most industrialized regions. These highways are operated under Toll-Operate-Transfer (TOT) agreements with the National Highways Authority of India, with concession periods extending between 2048 and 2058. Under this model, the concessionaire earns its returns through toll revenues generated from road users.

At this stage, VINCI Highways has identified several opportunities to enhance the portfolio’s performance, both financially and operationally, including improvements in processes, road safety standards, and environmental outcomes. Additional gains are anticipated through the digitalisation of tolling as India moves toward a free-flow system. In this context, VINCI Highways benefits from established expertise in the country via its subsidiary ViaPlus, which employs around 400 people in Hyderabad. The deal values the Safeway Concessions portfolio at an enterprise value of roughly ₹150 billion (US$1.60 billion), implying a multiple of about 15 times EBITDA. The final transaction value, along with the equity investment, will be determined at closing following standard adjustments and the completion of financial structuring. The transaction remains subject to approval from the relevant Indian authorities, with financial closure anticipated by the end of 2026.