At least five investors submitted non-binding offers by yesterday’s 5pm deadline for Macquarie’s toll roads portfolio in India, according to three sources familiar.

The potential buyers are KKR-backed Vertis Infrastructure Trust; CPPIB’s Interise Trust; Cube Highways and Infrastructure; Sekura India Management, the operating platform of Mumbai-based investment manager EAAA Alternatives; and local roads builder IRB Infrastructure Developers.

Interise Trust wanted more time, the sources said but did end up submitting an indicative offer.

While Macquarie has divided the portfolio of nine roads into three bundles, not all parties have shown interest in all three packages, the sources said without elaborating.

La Caisse-sponsored Maple Infrastructure Trust, Global Infrastructure Partners (GIP), the Indian government-owned roads platform Athaang Infrastructure, Oriental Structural Engineers and Actis were also interested, the sources said but were not certain whether they too filed offers.

A fourth source familiar said that New Delhi-based Oriental had submitted an offer.

Macquarie Asset Management launched a sale for its portfolio in the first week of August this year, with JPMorgan advising, Infralogic reported at the time.

Macquarie won the right to collect user charges for the nine roads in an auction in February 2018, with an INR 96.8bn proposal (USD 1.5bn at the time), beating second-placed Brookfield’s INR 75.1bn bid.

It has since created Safeway Concessions, a branded roads platform, to hold the nine assets.

Macquarie declined to comment.

Vertis, Interise, Cube Highways, EAAA Alternatives, IRB Infrastructure Developers, La Caisse, GIP, National Investment and Infrastructure Fund, Actis, Oriental and JPMorgan either declined or did not respond to requests for comment.

[Editor’s note: The article has been updated post-publication to cite an additional source as saying that Oriental also submitted an offer for Macquarie’s toll roads portfolio in India.]