At least four potential buyers have submitted non-binding offers to buy a portfolio of five roads offered for sale by Athaang Infrastructure, the roads platform of India’s National Investment and Infrastructure Fund, two sources familiar told Infralogic.

Athaang received the offers in late January from the Canada Pension Plan Investment Board (CPPIB), Cube Highways and Infrastructure, Caisse de dépôt et placement du Québec (CDPQ) and Actis, the sources said. One of them added that a fifth investor is also in the mix without identifying the company.

Evaluation is likely to take four to six weeks, after which the seller will begin discussions with shortlisted bidders and open up a data room for further due diligence, the sources said. It is unlikely to sell all five assets, one of the sources said without elaborating.

Athaang, which recently mandated JP Morgan to find a buyer, has assets covering about 235km. Dichpally Tollway and Devanahalli Tollway are in the build, operate, transfer model with concessions through January 2030 and April 2031, respectively.

Quazigund Banihal Expressway and Jammu Udhampur Highway are both annuity projects with concessions through 2031.

The 20-year Kashi Tollway contract was awarded in January last year in the toll, operate, transfer model, in which an investor pays an upfront amount to the government in exchange for toll collection rights.

The NIIF is majority-owned by the Indian government. The other investors include the Abu Dhabi Investment Authority, AustralianSuper, CPPIB, Ontario Teachers’ Pension Plan, Temasek, Asian Infrastructure Investment Bank and the Asian Development Bank.

The Indian roads sector has attracted significant investor interest in the past five and a half years, with USD 14.5bn of deals reaching financial close, according to data compiled by Infralogic.

Athaang, Actis and Cube did not respond to requests for comment outside working hours. CPPIB and CDPQ declined to comment.