The portfolio includes nine toll highway concessions totalling approximately 700km of highway sections located across industrial, agricultural and logistics assets across the national network.

These highways are operated under TOT (Toll Operate Transfer) contracts with the National Highway Authority of India (NHAI), with contractual maturities ranging from 2048 to 2058.

The concessionaire is remunerated through toll revenues generated by traffic. The transaction values Safeway Concessions based on an Enterprise Value of approximately 150 billion Indian rupees (c. £1.2bn) at a multiple of around 15x Ebitda.

The final amount of the transaction and the amount of the equity investment will be determined after usual adjustments at the closing date and finalisation of the financial structuring of the transaction. Additionally, the transaction is subject to approval by the relevant Indian authorities and financial closing is expected by the end of 2026.