GIP, Macquarie and VINCI in Race To Buy Stake in Maple

08th July 2025: Global Infrastructure Partners (GIP), Macquarie, and VINCI Highways have emerged as leading contenders to acquire a minority stake in Maple Infrastructure Trust, an Indian infrastructure investment trust (InvIT) sponsored by Canada’s CDPQ. The interest from the three parties validates confidence in InvIT and Indian infrastructure investments.

The fundraising initiative aims to raise between $350 million and $400 million (₹3,000–₹3,433 crore) to support Maple’s recent acquisitions and enable partial exits for existing investors, including CDPQ.

Fundraising to Support Toll Road Acquisitions

The planned capital infusion will help finance Maple’s acquisition of five toll road assets from Ashoka Concessions, which were bought in October 2023 for a total enterprise value of ₹5,718 crore. The InvIT, which reported ₹773 crore in income for FY24, currently manages seven assets across India, including the Eastern Peripheral Expressway (NCR) and Shree Jagannath Expressways (Odisha).

Shareholding Structure and Key Stakeholders

Currently, CDPQ Infrastructure Asia III holds a 60% stake in the InvIT. Other key investors include:

• Maple Highways (15%)
• 360 One Group (18.3%)
• Famy Streis (Taparia family office, 3.1%)
• Uday Kotak’s family office and others (combined 3.6%)

Rothschild has been appointed to manage the stake sale process.

VINCI and GIP Eye Re-entry Into the Indian Market

VINCI Highways and GIP, both of which previously exited the Indian road sector, are looking to re-enter the sector via strategic acquisitions. VINCI left India in 2015 due to policy changes, while GIP exited in 2021 after selling its Highway Concessions One portfolio to KKR. VINCI’s global operations span 3,750 kilometres across 14 countries.

A previously announced plan by VINCI and GIP’s Emerging Markets Fund to acquire Telangana-based HKR Roadways had stalled due to regulatory challenges.

More Global Interest Emerging

In addition to the three front-runners, Canada’s PSP Investments and Alberta Investment Management Corporation (AIMCo) have also expressed interest in the stake sale.

Toll Revenue Outlook

According to ICRA, toll collections are projected to grow by 7% to 9% in FY26, driven by higher toll rates—a promising signal for infrastructure investors looking at India’s road sector.

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