SBI Macquarie Infrastructure Trust and Macquarie SBI Infrastructure Fund have acquired 74% stake in a Trichy road project developed by IJM Corporation of Malaysia and Shapoorji Pallonji for Rs 2,750 million (US$44.2 million). This is SBI Macquarie's third buy in the road space in the last one year.

Both SBI Macquarie units are the same but one was created to attract local investors and the other one for foreign investors. State Bank of India, Macquarie Capital Group and the International Finance Corporation (IFC) are the manages of the funds.

According to sources, Trichy Tollway project has so far made losses but the project is up and running and there are no execution risks involved.

Trichy Tollway Private is a 50:50 joint venture between IJM and Shapoorji Pallonji. The project entails quadrupling the two-lane 92.75 km stretch on National Highway 45, and subsequently operating and maintaining it for 20 years under a concession with National Highways Authority of India. The project started commercial operation in September 2009 and has three years of operating history. The project is located in the State of Tamil Nadu, India.

SBI Macquarie bought almost equal stake from the two JV partners, reducing their collective stake to 26%. Post the acquisition, SBI Macquarie has roped in Feedback Brisa Highways OMT, a JV between Feedback Infrastructure and Brisa, Auto Estradas de Portugal SA, to operate and maintain the project.

IJM Corporation had already announced the sale of its stake in March 2013.

SBI Macquarie had earlier bought 35% stake in Ashoka Buildcon's roads arm. It also acquired 74% stake in GMR's Jadcherla Expressways.