Macquarie Asset Management (MAM) has acquired a 37.5% stake in Maple Infrastructure Trust from Canadian firm La Caisse in a $450-million deal that includes $150 million for future acquisitions by the infrastructure investment trust (InvIT), the companies announced on Monday.
The deal marks the Australian asset manager’s foray into InvIT. Maple currently owns and operates seven toll roads in the country, including stretches of the Golden Quadrilateral, the East-West Corridor and the Eastern Peripheral Expressway around the National Capital Region (NCR).
MAM carried out the deal through Macquarie Asia-Pacific Infrastructure Fund 4 (MAIF4). The Australian firm also bought a 42.5% stake in the InvIT’s investment manager and a 40% stake in the project manager, with La Caisse retaining a 42.5% holding in the investment manager but ceding control to Macquarie.
As part of the deal, La Caisse has committed $150 million to support future growth.
The partnership combines MAM’s infrastructure investment and active asset management experience in India with La Caisse’s experience in developing, scaling and managing infrastructure platforms globally, the firms said in a release.
Verena Lim, co-head of Asia-Pacific Infrastructure for Macquarie Asset Management and Asia CEO for Macquarie Group, said, “India remains a key market for Macquarie, and Maple reflects our conviction in the country’s long-term infrastructure opportunity.”
Emmanuel Jaclot, executive vice-president and head of infrastructure and sustainability, La Caisse, said, “Our partnership with Macquarie Asset Management is a strong vote of confidence in what we’ve built and the growth opportunities ahead. Maple’s story is still being written, and this partnership marks an important new chapter.”
Set up in 2021, Maple owns and operates seven toll roads across six states in eastern, northern and southern India through long-term concession frameworks. The road network has an aggregate length of nearly 3,328 kilometres. Five of Maple’s seven road assets were acquired from Ashoka Concessions and its associated companies in November 2025. The five acquired projects are toll roads in West Bengal, Karnataka, Maharashtra, Chhattisgarh and Odisha. Maple’s other assets include the Eastern Peripheral Expressway and the Shree Jagannath Expressways project in Odisha.
Maple Infrastructure Trust’s net loss came down marginally to 118.09 crore in FY26 from 120.59 crore in FY25. Revenues more than doubled to Rs 1,585.4 crore in FY26.