Macquarie Asset Management Agrees to Sale of Interest in Safeway Concessions

Mumbai, April 7, 2026: In one of the largest toll road transactions in India’s history, Macquarie Asset Management (MAM) has announced the sale of its interest in Safeway Concessions to VINCI Highways. 

According to a press release, the deal, valued at an implied enterprise value of approximately Rs150 billion ($US 1.7 billion), represents a landmark moment in the nation’s infrastructure sector and marks the first entry into the Indian road market for VINCI, a global leader in mobility infrastructure.

Safeway Concessions was established in 2018 as part of the National Highways Authority of India’s (NHAI) inaugural Toll Operate Transfer (TOT) model, serving as the country’s first major toll road privatization. The portfolio consists of nine toll road concessions spanning nearly 700 kilometers across vital transport corridors in Andhra Pradesh and Gujarat. Over the past eight years, the platform has evolved into one of the longest-tenured operating road networks in India, providing a critical link for national commerce.

Since the platform’s inception, Macquarie has transformed Safeway from a nascent privatization project into a robust, institutional-grade operating business. The firm expanded local operations across three offices and implemented rigorous global standards for governance and risk management. A significant portion of the platform’s evolution was dedicated to ESG and safety enhancements, including the transition to LED streetlighting, the introduction of electric vehicles, and the deployment of truck-mounted attenuators to protect highway workers. These initiatives were paired with a commitment to local employment and advancing gender inclusion within toll operations.

The successful exit highlights the maturity and long-term viability of India’s TOT program, proving that the privatization model can successfully attract and sustain international strategic capital. 

Verena Lim, Co-Head of Asia-Pacific Macquarie Asset Management Infrastructure and Asia CEO for Macquarie Group, emphasized the strategic importance of the region’s growth. “India has the world’s second-largest road network, with a rapidly growing middle class driving higher demand for road usage. We are proud to have built Safeway into a well-established platform from the ground up, strengthening governance and safety, and reinforcing the long-term viability of the TOT privatisation model, while attracting international strategic investors like VINCI,” Lim said.

The transaction signals continued confidence in India’s broader infrastructure landscape, which remains a primary target for global funds looking for scale in fast-growing markets. Lim further noted the firm’s future outlook, stating, “As one of the largest pioneer foreign investors in India’s infrastructure sector, we continue to see compelling long-term opportunities across the market from transport to digital and energy infrastructure. We look forward to applying the same discipline and operating expertise as we invest and scale high-quality infrastructure assets in India. We believe, this should act as a conduit for long-term strategic capital and broader capital market participation over time.”

While the agreement has been signed, the finalization of the sale remains subject to customary closing conditions and regulatory approvals. Both parties expect to reach a financial close by the end of 2026. Once completed, the deal will cement the NSP-to-Safeway transition as a blueprint for how international asset managers can successfully develop, operate, and eventually hand off large-scale public assets to strategic global operators.