Khaitan, SAM act on VINCI Highways acquiring 700 km highway assets across AP and Gujarat

VINCI Highways, a subsidiary of VINCI Concessions, has acquired the Safeway Concessions platform, which includes nine toll highway concession entities, from Macquarie Asia Infrastructure Fund 2, managed by Macquarie Asset Management. 

Khaitan & Co advised VINCI Highways on this transaction. The Firm advised and assisted the Acquirer on the diligence of the Target platform (including the nine toll way concessions), structuring the transaction, bid submission, negotiating and finalization of transaction documents.

The core team consisted of Aditi Singhvi (Partner), Suyashi Mishra (Senior Associate), Harishankar Raghunath (Associate), Sandli Pawar (Associate) and Jahnavi Yalavarthi (Associate). Shishir Vayttaden (Partner) supervised the matter and provided overall strategic guidance.  The deal was assisted by the following:

Infrastructure and roadways related aspects: Akhil Bhatnagar (Partner) provided overall supervision and strategic inputs on infrastructure and roadways related nuances with assistance from Prateek Bhandari (Counsel), Bhagirath Ashiya (Principal Associate), Ishita Gupta (Principal Associate), Ashish Jain (Senior Associate), Abhishek Sharma (Associate), Ayushi Gupta (Associate), Snigdha Ande (Associate), Shivam Gour (Associate);

Structuring related aspects: Abhisaar Bairagi (Partner), Mehul Shah (Partner), Vivek Mimani (Partner), Divaspati Singh (Partner), Aayush Mohata (Partner), Harsh Khemka (Partner), Khusboo Agarwal (Principal Associate), Milind Sharma (Principal Associate), Rushabh Gala (Principal Associate), Avishek Banerjee (Senior Associate), Suhel Qureshi (Senior Associate), Athul Kumar (Associate) and Payal Saraogi (Associate);

Intellectual property related aspects: Nirupam Lodha (Partner), Gautam Wadhwa (Senior Associate), Malika Nandkeolyar (Senior Associate) and Palak Dwivedi (Associate);

Financing related aspects: Manisha Shroff (Partner), Mohit Nad (Principal Associate), Anushka Sinha (Senior Associate), Gyana Pathak (Associate), Priyam Indurkhya (Associate) and Satyawati Sinha (Associate);

Antitrust related aspects: Anisha Chand (Partner), Siddharth Pravin Bagul (Principal Associate) and Vrinda Bhardwaj (Associate);

Compliance and employment related aspects: Vinay Joy (Partner), Simran Sharma (Senior Associate), Shaaryl Dsouza (Associate) and Tanvi Uday Shetty (Associate);

Real estate related aspects: Sudheer Madamaiah (Partner) and Nandita Mathihalli (Consultant);

Data privacy related aspects: Supratim Chakraborty (Partner), Shramana Dwibedi (Senior Associate) and Mayank Barman (Associate).

Shardul Amarchand Mangaldas & Co. advised Macquarie Asset Management on this transaction.

The Transaction team was led by Jay Gandhi (Partner), Abhishek Parekh (Partner) and Jamshed Bhumgara (Partner), along with Akshath Vidyanath (Senior Associate), Associates Divya Venkatramani and Arush Mittal.

The transaction team was supported by the Infrastructure, Energy and Project Finance team led by Deepto Roy (Partner), along with Shubham Sharma (Principal Associate), Disha Adhikary (Principal Associate) and Vaibhav Gwalani (Associate).

The Corporate Due Diligence team was led by Jay Gandhi (Partner), and Abhishek Parekh (Partner), along with Akshath Vidyanath (Senior Associate) and Divya Venkatramani (Associate), and the team was supported by Aditya Malhotra (Partner), Meera Menon (Principal Associate), and Hardik Baid (Associate).

The Infrastructure, Energy and Project Finance Due Diligence team was led by Deepto Roy (Partner), along with Shubham Sharma (Principal Associate), Disha Adhikary (Principal Associate), Aditya Arora (Senior Associate), Associates Vaibhav Gwalani and Ved More.

The Safeway Concessions platform operates under the Toll-Operate-Transfer (ToT) framework of the National Highways Authority of India and forms part of the first ToT bundle auctioned by the NHAI. 

Safeway Concessions platform comprises approximately 700 km of operational highway assets across Andhra Pradesh and Gujarat, strategically located along key freight and logistics corridors. The Andhra Pradesh assets are part of the NH-16 corridor within the Golden Quadrilateral, while the Gujarat assets provide connectivity to key ports and industrial clusters.

The transaction values the platform at an enterprise value of approximately ₹15,000 crore, subject to regulatory approvals and customary closing conditions.

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