Mumbai-based Roadstar Infra Investment Trust has decided to look for acquisitions to expand its highways portfolio, Chief Executive Officer Danny Samuel told Infralogic.

The trust, which listed on the National Stock Exchange in India today, now has a roadmap in place, he said, but did not provide a timeline for its implementation.

“We have just listed, so over time, depending on our internal discussions and developing a strategy, we can look at all available assets, including stressed ones,” he said.

The company will likely appoint an advisor once it firms up plans, he said.

The listed portfolio comprises six assets spanning six states, totalling about 685km, according to a company presentation.

There are four toll projects and two annuities with a residual weighted average life of thirteen and a half years.

The portfolio’s enterprise value is INR 85.9bn (USD 984m) and it has net debt of INR 29.8bn.

Roadstar was established by Infrastructure Finance & Leasing Services to hold its highway projects that it wasn’t able to sell.

IL&FS offered a portfolio of 20 road projects for sale in December 2018 out of which four did not receive any bids and proposals for another five came in below expectations.

The company decided to transfer these to the roads trust after its lenders agreed to convert their loans into units. Some assets were subsequently sold, leaving IL&FS with the six that the trust currently holds.

IL&FS, an infrastructure development and financing company, was taken over by the Indian government and its assets sold after the group defaulted on debt in late 2018.