EAAA Alternatives, the alternative asset management arm of Edelweiss Group, said Monday it has won a major national highway monetization contract in southern India from the National Highways Authority of India (NHAI) for an aggregate value of Rs 2,259 crore ($236 million).
The transaction was executed through Epic Concessions 2 Pvt Ltd, a portfolio company of EAAA Alternatives’ Infrastructure Yield Strategy, the firm said in a press release. The entity has signed 20-year concession agreements with the state-run highway developer for two toll road stretches spanning approximately 170 km in Tamil Nadu.
The two highway assets are the Thanjavur-Trichy and Madurai-Tuticorin stretches on NH-38 and NH-83. The project was awarded under NHAI's Toll, Operate, Transfer (TOT) programme as part of Bundle 19.
The acquisition expands EAAA’s infrastructure platform to 26 roads, comprising over 7,700 lane km across 17 states, including assets where binding agreements are currently in place.
“India’s infrastructure sector continues to offer significant long-term opportunities for investors, supported by strong policy direction, growing economic activity and the need for high-quality transport networks,” said Amit Agarwal, CEO at EAAA Alternatives.
The deal comes amid NHAI’s continued push to monetize operational highway assets to fund new capital expenditure across the country. Under the TOT framework, private investors secure the rights to operate, maintain, and collect toll revenue from completed highways for a fixed concession period in exchange for an upfront lump-sum payment.
“The addition of these roads will expand our portfolio... further strengthening our presence across geographies,” said Sreekumar Chatra, managing director for infrastructure funds at EAAA Alternatives, adding that the platform focuses on acquiring high-quality operating assets.
As of March 31, 2026, EAAA Alternatives manages assets worth Rs 72,706 crore across real assets and private credit verticals. The firm recently listed CITIUS TransNet, the infrastructure investment trust (InvIT) of EAAA TransInfra.
