India’s National Investment and Infrastructure Fund (NIIF) has entered the roads and highways segment with the acquisition of two Devanahalli and Dichpally tollway assets from Essel Group.

Financial details of the deal were not disclosed by the companies. NIIF acquired the two tollway assets through its NIIF Master Fund.

Apart from road projects, NIIF’s Master Fund has also anchored platforms in the ports and logistics, renewables, and energy-smart meters sectors.

Essel Devanahalli Tollway is a 22km six-lane toll road in the state of Karnataka, which connects Bengaluru city and its airport.

The toll road is part of NH44, with an operational history of more than six years.

NIIF believes that the tollway will help serve the growing needs of Bengaluru and its airport, tapping Bengaluru’s growth potential as a metropolitan.

The Essel Dichpally tollway in Telangana is a four-lane toll road covering an area of 60km, which is operational for more than seven years.

The toll road is said to be an important road, which connects Hyderabad and Nagpur, two major industrial hubs in the country.

in addition, the road serves long-distance commercial traffic.

NIIF managing partner Vinod Giri said: “NIIF is pleased to announce its first investment in the roads sector.

“Athaang will invest in strategic assets and develop a portfolio, including mature operational assets, annuities / hybrid annuities, large size expressways and highways with greenfield and brownfield expansion requirements.

“Athaang’s objective is to emerge as the preferred partner for stakeholders in the Indian roads sector.”

NIIF noted that the new tollways will be managed by Athaang Infrastructure, which is its proprietary roads platform.