IndInfravit Trust has completed the acquisition of eight operational road assets from Sadbhav Infrastructure Project for INR63bn (approximately $834m).

The acquisition has been completed as per the agreement signed by IndInfravit in July last year to acquire nine operational road projects from Sadbhav Infrastructure Project.

Assets acquired under the strategic deal include Bhilwara Rajsamand Tollway, Dhule Palesner Tollway, Hyderabad Yadgiri Tollway, Nagpur Seoni Expressway, Shreenathji Udaipur Tollway, Bijapur-Hungund Tollway, Aurangabad Jalna Tollway and Mysore-Bellary Highway.

The acquisition of the ninth road infrastructure project, Ahmedabad Ring Road, is yet to receive regulatory approvals.

IndInfravit said that the acquisition of Sadbhav’s road assets is part of its strategy to buy highway projects in India and expand its existing business.

The acquired portfolio of assets includes six toll roads and two annuity roads, with total 2,300 lane kilometres. Roads are in Karnataka, Rajasthan, Maharashtra, Gujarat, and Telangana.

IndvIT Services CEO J Subramanian said: “InvIT, as a structure has facilitated a new investor class with a keen interest to allocate large capital towards infrastructure landscape.

“InvITs, backed by marquee overseas investors, create the necessary ecosystem to support the government’s ambitious plan to develop high quality infrastructure in the country.”

Ambit Private served as the exclusive financial adviser to IndInfravit for this transaction.

IndInfravit, an infrastructure investment trust floated by L&T Infrastructure Development Projects, currently manages a portfolio of five operational toll road concessions.