India

Our assets

We are one of the leading European managers of infrastructure concessions in India, with a portfolio of three assets totaling 416 km across four states.

We have strengthened our position in the country thanks to the know-how and asset-management experience developed over the years, as well as a network of strategic alliances that supports our business development activity.

NH-2

VARANASI-AURANGABAD

This project, awarded in 2010, corresponds to the Varanasi–Aurangabad section of NH-2, a 192 km, six-lane stretch that forms part of the Delhi–Kolkata highway.

It connects Aurangabad (in Bihar) and Varanasi (in Uttar Pradesh), one of the country’s main pilgrimage centers. The surrounding area is also rich in coal and sand mines, which generate significant commercial traffic.
NH-6

HAZIRA-MAHARASTRA

This project, awarded in 2009, corresponds to the Surat (Hazira Port)–Maharashtra border section of NH 53 (formerly NH-6), a 131 km, four-lane stretch in the state of Gujarat.

It connects Surat—the eighth most populous city in India—with Hazira Port, one of the main industrial and commercial ports on the Delhi–Mumbai industrial corridor, and with the Maharashtra border.
NH-8

KISHANGARH-BEAWAR

This project, awarded in 2009, corresponds to the Kishangarh–Beawar section of NH 48 (formerly NH-8), a 93 km, six-lane stretch on the Ajmer–Jaipur road, one of Rajasthan’s most important corridors.

This area is home to India’s main producers of limestone, cement, and other construction materials.

We recorded strong traffic growth,
especially in light vehicles

In 2025, India’s road sector further consolidated its role as a strategic driver of economic growth, logistics competitiveness, and territorial integration, in a geopolitical context shaped by the reshaping of global supply chains and India’s positioning as an alternative industrial and logistics hub in Asia. Road infrastructure continued to serve as the backbone of mobility, carrying the bulk of freight and passenger transport nationwide. Public policies maintained strong investment momentum.

Under the Union Budget 2025–26, the Government of India allocated approximately INR 2.87 trillion (around $33 billion) to the Ministry of Road Transport and Highways, of which more than INR 1.70 trillion was specifically allocated to the National Highways Authority of India (NHAI) to finance national highways, expressways, and strategic corridors, including ongoing commitments under the Bharatmala Pariyojana program. This sustained funding, combined with public-private partnership models such as BOT, HAM, and TOT, has helped accelerate project delivery, reduce logistics costs, and strengthen system resilience amid geopolitical tensions.

In this context, we recorded strong traffic growth, especially in light vehicles; we advanced comprehensive major maintenance programs across our assets; and we successfully completed VAH’s refinancing through a long-term bond issuance, strengthening its financial structure and consolidating its contribution to the sustainable development of India’s road infrastructure.
*(IN EUR M)
NH2
2025
2024
2023
Concession activity revenue
61,9
60,7
62,6
EBITDA
35,4
43,0
44,6
EBT
16,5
14,5
22,2
Net income
10,7
9,6
4,2
Operating CF
37,0
48,5
46,2
*(IN EUR M)
NH6
2025
2024
2023
Concession activity revenue
36,4
31,8
29,0
EBITDA
27,4
22,8
20,8
EBT
(12,7)
(3,8)
126,7
Net income
(9,5)
(3,7)
82,4
Operating CF
30,3
29,2
23,7
*(IN EUR M)
NH8
2025
2024
2023
Concession activity revenue
29,2
28,7
28,2
EBITDA
20,8
18,7
21,1
EBT
6,5
(0,3)
0,5
Net income
4,7
(0,8)
(5,0)
Operating CF
21,0
23,7
21,6