National Investment and Infrastructure Fund Limited (NIIFL), through the NIIF Master Fund, has announced the acquisition of an equity stake in the Navayuga Quazigund Expressway Private Limited (NQEPL) at an enterprise value of around US$380 million.

The NQEPL is an operational tunnel road in Jammu and Kashmir, India, awarded by the National Highways Authority of India (NHAI) on a Build Operate Transfer (BOT) basis. The project receives fixed, semi-annual payments from NHAI, providing stable and predictable cash flows.

The NQEPL will be managed by NIIF Master Fund’s proprietary roads platform Athaang Infrastructure.