The Edelweiss Infrastructure Yield Plus fund (EIYPF) is reportedly planning to acquire two road assets from Navayuga Group for almost $150m.

Two sources familiar with the development told Livemint: “The two road assets that Edelweiss is acquiring are based in the state of Assam and are collectively valued at close to $150m.

“Both the assets are annuity roads and have been operational since the last two years.”

If the proposed deal materialises, it would be the second investment by the Edelweiss infra fund.

EIYPF invests in operating roads, renewables and power transmission assets. It is planning to build a corpus of approximately $1bn.

Last year, EIYPF raised nearly Rs20bn ($288.1m) largely from domestic investors and has been scouting for further investment opportunities.

Very recently, EIYPF acquired two transmission assets Darbhanga-Motihari Transmission Ltd and NRSS XXXI (B) Transmission from Essel Group.

In recent months, the Indian roads sector has seen a number of merger and acquisition activities.

In April, reports emerged that Essel Group is engaged in talks with Cube Highways and Infrastructure and Caisse de dépôt et placement du Québec (CDPQ) to sell three of its toll roads in India.

Sources told LiveMint that the deal could result in Rs15bn ($214m) for Essel. Through this deal, Essel Group plans to reduce its debt.

At the same, Canada Pension Plan Investment Board (CPPIB), Caisse de depot et placement du Quebec (CDPQ) and the Piramal Group of India entered the final round of bidding for Highway Concessions One (HC1)’s roads portfolio valued between $600m and $700m.

HC1 is the roads portfolio of infrastructure fund manager Global Infrastructure Partners (GIP).