Law firm Shardul Amarchand Mangaldas has advised Macquarie Asia Infrastructure Fund (MAIF) on the $362 million sale of its entire shareholding in two operational toll road projects in the states of Andhra Pradesh and Gujarat to KKR-backed Highways Infrastructure Trust (HIT), which was represented by Trilegal.

The sale to Highways Infrastructure Trust includes MAIF’s entire shareholding in Swarna Tollway Private Limited and Gujarat Road and Infrastructure Company.

The SAM team advising MAIF was led by partner Abhishek Parekh, and included private equity partner Jay Gandhi, project finance partner Deepto Roy and antitrust partner Aparna Mehra.

The Trilegal team representing HIT on the deal was led by corporate partner Sneha Vardhan and the head of the firm’s projects practice, Neeraj Menon. Labour and employment partner Atul Gupta, projects partner Amar Narula and disputes partner Chitra Rentala were other key team members.

The deal comes two months after Adani Enterprises arm Adani Road Transport terminated its agreement to acquire the same toll roads, telling stock exchanges it opted to cancel its share purchase agreement because MAIF had not met certain conditions for closing within the specified time frame in the agreement. Adani had agreed to buy Macquarie’s stake in the toll roads last year for $392 million.

Allen & Overy and Simpson Thacher & Bartlett advised MAIF and HIT, respectively, on the English law aspects of the deal.


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