Canadian investor Caisse de depot et placement du Quebec (CDPQ) has reportedly secured a deal to buy Indian road asset Highway Concessions One (HC1) for Rs24bn ($336m).

A source familiar with the development said that the asking price for the portfolio was approximately Rs30bn ($420.3m).

HC1 is the road portfolio of infrastructure fund manager Global Infrastructure Partners (GIP). It comprises seven road assets, five toll roads and two annuity highways across seven states.

The roads include Ulundurpet Expressways in Tamil Nadu, Dewas Bhopal Corridor in Madhya Pradesh, Telangana’s Nirmal BOT, Bangalore Elevated Tollway in Karnataka, Rajasthan’s Jodhpur Pali Expressway, Gujarat’s Godhra Expressways and Shillong Expressway in Meghalaya.

The 472km-long road network generated consolidated revenue of Rs6.2bn ($89.6m) for the financial year ending 31 March 2018.

Last year, GIP acquired HC1, IDFC Alternatives’ infrastructure investment business after IDFC merged with First Capital.

Following the acquisition, GIP hired Edelweiss to search for buyers for the road assets.

India’s road sector has been witnessing a number of deals as an increasing number of developers are looking to monetise their toll road assets.

Last month, Singapore-based Cube Highways and Infrastructure, a subsidiary of I Squared Capital, entered an agreement with Dilip Buildcon to acquire five road projects in the Maharashtra, Telangana and Odisha states.

In July this year, IndInfravit Trust reached an agreement to buy nine operational road projects from Sadbhav Infrastructure Project for approximately $959m.