Canada’s Public Sector Pension Investment Board (PSP Investments) is exploring a potential divestment of its Indian road assets in a transaction that could be valued at around $1.5 billion, or roughly ₹12,500 crore. The pension fund is working with an adviser on the possible sale, according to people familiar with the matter.
The assets under review are held through Roadis, PSP Investments’ global roads platform, which was created in 2016. Roadis has built a sizeable presence in India’s road infrastructure market, with its portfolio including operating road concessions acquired and developed as part of the fund’s long-term infrastructure investment strategy.
The proposed transaction comes at a time when India’s operational road assets are attracting strong interest from global infrastructure funds, pension investors and sovereign capital. Stable traffic growth, established tolling mechanisms and the increasing use of asset-monetisation models have created an active secondary market for mature highway concessions.
The potential sale would also add to a series of large transactions involving Indian road portfolios. Earlier this year, Macquarie Asset Management agreed to sell its Indian toll-road platform, comprising nine concessions across Andhra Pradesh and Gujarat, to VINCI Highways for an enterprise value of approximately ₹15,000 crore. The deal highlighted the scale of institutional appetite for India’s operating highway assets.
For PSP Investments, a divestment would represent a possible recycling of capital from mature Indian road investments into other infrastructure opportunities. The Canadian pension fund has been an established institutional investor in India’s transport infrastructure, while Roadis has used long-term ownership and asset management to build its road portfolio.
The proposed sale remains at an early stage, and there is no certainty that a transaction will be completed. However, if it proceeds, the deal could become another sizeable benchmark for India’s infrastructure-asset market and underline the growing role of global institutional investors in financing, owning and eventually monetising the country’s highway infrastructure.