Private Equity Fund Investments
KKR to buy out Global Infrastructure Partners' stake in road assets platform HC1
US-headquartered KKR is to acquire fellow Private Equity firm Global Infrastructure Partners' (GIP) entire interest in Mumbai-based Highway Concessions One (HC1) which includes seven highway assets with a total length of 487 km. HC1 is a platform that manages GIP's road portfolio which spans seven states: Gujarat, Karnataka, Madhya Pradesh, Meghalaya, Rajasthan, Tamil Nadu and Telangana. EY and Deloitte acted as KKR's transaction advisors while AZB & Partners and Simpson Thacher & Bartlett acted as its legal advisors. The deal represents KKR's third investment in India from the KKR Asia Pacific Infrastructure Fund, and first in Asia's transport sector. (Other recent infrastructure investments in India include IndiGrid and Virescent Infrastructure, a renewable energy company.)
From the Venture Intelligence PE-VC Deal Database: GIP took over HC1 from IDFC Private Equity as part of its purchase of parent firm IDFC's PE and other non-core businesses in 2018. GIP continue3s to own stake in other road assets in India, as well as its investments in the power generation and other infrastructure sectors.
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