Macquarie set to acquire stake
in CDPQ’s roads InvIT Maple for up to $350 million
March 17, 2026
The InvIT has a portfolio of seven operational NHAI toll road assets aggregating to more than 3,328 lane km
Australian asset manager
Macquarie is set to acquire a “significant minority stake” in Canadian pension
fund CDPQ-backed Maple Infrastructure Trust, which holds road assets, people
aware of the development told Moneycontrol.
The deal is likely to be worth
around $300-350 million, they added. Investment bank Rothschild is managing the
stake sale
Macquarie and CDPQ will jointly
manage and also hold equal stakes in the infrastructure investment trust, the
sources said.
“The idea behind this deal is
that CDPQ wants to bring on board a specialist infrastructure asset manager
like Macquarie to help it grow and manage the InvIT.
As a pension fund manager, they would prefer to be more of a passive investor
and let an experienced asset manager drive the operations,” one of the sources
cited above said.
Macquarie has been investing in Indian infrastructure and energy sectors since 2009 when it raised a dedicated India fund along with the State Bank of India.
The Australian currently manages
a portfolio of nine National Highways Authority of India roads, which it
acquired under the first toll-operate-transfer (TOT) asset monetisation
programme in 2018 for an enterprise value of over Rs 9,600 crore. This was the
biggest road sector M&A transaction at the time.
Moneycontrol
reported on October 7 that Macquarie was in talks with several investors
including KKR, EAAA and Cube Highways to sell these road assets.
Macquarie and CDPQ both declined
to comment on the development.
Maple Infrastructure Trust
CDPQ, which rebranded as La
Cassie last year, holds a 75 percent stake in the InvIT
through CDPQ Infrastructure Asia III and Maple Highways Pte Limited.
Other shareholders of the InvIT include 360 One, with a 18.2
percent stake through multiple funds, Famy Steri
Private Ltd holds a 3.1 percent stake and other minority shareholders who
collectively hold 3.7 percent.
The InvIT manages a portfolio of seven operational NHAI toll road assets, spanning more than 3,328 lane kilometres.The portfolio includes critical stretches of the Golden Quadrilateral and the East-West Corridor, along with the Eastern Peripheral Expressway, a part of the Delhi’ ring road.According to a February report by ICRA, consolidated toll revenue for these assets rose to Rs 1,827 crore in FY25, a 5.8 percent increase from Rs 1,726 crore in the previous year