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Shardul Amarchand Mangaldas & Co. advises Macquarie Asset Management on sale of safeway concessions platform to VINCI highways
April 2, 2026
Shardul Amarchand Mangaldas & Co. (SAM) provided legal advice to Macquarie Asset Management on the sale of 100% stake in the Safeway Concessions platform, which includes nine toll highway concession entities to VINCI Highways, a part of VINCI Concessions.
The transaction values the platform at an enterprise value of approximately INR 150 billion, subject to regulatory approvals and customary closing conditions.
This transaction represents one of the largest acquisitions of a highways portfolio in India. The Safeway Concessions platform operates under the Toll-Operate-Transfer (ToT) framework of the National Highways Authority of India (“NHAI”) and forms part of the first ToT bundle auctioned by the NHAI.
The portfolio comprises approximately 700 km of operational highway assets across Andhra Pradesh and Gujarat, strategically located along key freight and logistics corridors. The Andhra Pradesh assets are part of the NH-16 corridor within the Golden Quadrilateral, while the Gujarat assets provide connectivity to key ports and industrial clusters.
The Transaction team was led by Jay Gandhi, Partner; Abhishek Parekh, Partner; and Jamshed Bhumgara, Partner, along with Akshath Vidyanath, Senior Associate; Divya Venkatramani, Associate; and Arush Mittal, Associate.
The transaction team was supported by the Infrastructure, Energy and Project Finance team led by Deepto Roy, Partner, along with Shubham Sharma, Principal Associate; Disha Adhikary, Principal Associate; and Vaibhav Gwalani, Associate.
The Corporate Due Diligence team was led by Jay Gandhi, Partner, and Abhishek Parekh, Partner, along with Akshath Vidyanath, Senior Associate; and Divya Venkatramani, Associate, and the team was supported by Aditya Malhotra, Partner, Meera Menon, Principal Associate, and Hardik Baid, Associate.
The Infrastructure, Energy and Project Finance Due Diligence team was led by Deepto Roy, Partner, along with Shubham Sharma, Principal Associate; Disha Adhikary, Principal Associate; Aditya Arora, Senior Associate; Vaibhav Gwalani, Associate; and Ved More, Associate.