NIIFL acquires SP Jammu Udhampur Highway Limited

National Investment and Infrastructure Fund Limited (NIIFL) has announced the acquisition of a 100 per cent equity stake in the Shapoorji Pallonji Group’s SP Jammu Udhampur Highway Limited through the NIIF Master Fund at an enterprise value of over USD 290 million. The operational road of Jammu and Kashmir (J & K) will be managed by NIIF Master Fund’s proprietary roads platform Athaang Infrastructure. This acquisition further expands the fund’s road portfolio to four assets with an aggregate revenue rate of more than USD 170 million p.a.

SP Jammu Udhampur developed the highway project under concession from the National Highways Authority of India (NHAI) on a Build-Operate-Transfer (Annuity) basis. The project receives fixed, semi-annual payments from NHAI, providing steady and predictable cash flows.

This four-laned 64.5 km highway provides an essential link between Jammu and Srinagar, enabling seamless movement of traffic and goods, with enhanced inter-region connectivity and a significant reduction of travel time between the two cities. The highway includes a 1.4 km twin-tube tunnel stretch.

NIIF Master Fund has also acquired the Navayuga Quazigund Expressway, another road asset in J&K. The fund’s roads portfolio includes the 6-laned Devanahalli Tollway in Bengaluru and the 4-laned Dichpally Tollway in Telangana.