According to sources, Reliance Infrastructure has shortlisted two teams for the sale of its Indian portfolio of road assets.

The road portfolio of Reliance is composed of a total of 11 road projects which span approximately 1000 km and are spread across 7 Indian states. The company expect to obtain approximately US$1.5 billion for the road portfolio. All the roads have been developed on a build, operation and transfer (BOT) basis.

Reliance's chief executive officer (CEO), Lalit Jalan, aims to make the company debt-free on a standalone basis by March 2017 through the sale of several assets, which also include cement assets and the Mumbai power business. According to sources, Jalan stated:

We are looking to sell the entire roads portfolio. There are not too many people who can cut a $1.5 billion cheque. These are the long-term international funds.”

In December 2015 we reported that Brookfield Asset Management was mulling to acquire the road assets from Reliance Infrastructure. According to sources, the company is in negotiations with global pension funds and investment firms, including the Canada-based Brookfield Asset Management Inc. and CPP Investment Board (formerly the Canada Pension Plan?Investment Board) to sell its 11 toll-based road assets, Mint reported on 11 February, citing unidentified people.