Global toll roads operator Abertis is looking to acquire highway assets in India almost a decade after entering the country, sources familiar told Infralogic.

The period of quiet since 2016 – when it bought two roads from Macquarie-managed funds – is largely due to the long-running deal between 2017 and 2020 when Abertis itself was acquired by Atlantia and Grupo ACS, the sources said.

Subsequently, a decision to continue to invest in India was finalised sometime last year, the sources said.

While Abertis’ Indian roads platform isadak has been in talks with developers to buy projects since then, it has not resulted in any deals.

The concessions for the two existing assets – Jadcherla Expressways and Trichy Tollway – will expire in 2026.

Abertis is open to all options, including partnering with developers to bid for projects, participating in the central government’s toll, operate, transfer (TOT) auctions, as well as acquiring concessions of tolled expressways from other operators, the sources said.

While discussions are ongoing to add to the portfolio, the sources declined to provide details. An investment banker is either close to being appointed or has already been appointed, they added.

Local builders and investors are seeking each other out as they prepare for a greenfield BOT pipeline of more than 5,000km, worth about INR 2trn (USD 25bn). Investors evaluating the pipeline include India’s National Investment and Infrastructure Fund (NIIF), Kohlberg Kravis Roberts & Co, and Cube Highways and Infrastructure.

The TOT auctions too have attracted investors since they were launched in 2018.

While Macquarie won the first auction with a proposal of INR 96.8bn, others that have been awarded concessions include I Squared Capital-backed Cube Highways and Infrastructure, KKR, a highways trust backed by GIC and local builder IRB Infrastructure Developers, and CDPQ.

Procurement processes for four TOT bundles are ongoing with bids due next month.

Abertis did not respond to a request for comment.