Davis Polk is advising Morgan Stanley Infrastructure (MSI) on its investment of up to US$200 million in a new joint venture with Isolux Corsán Concesiones (Isolux Corsán), which is currently constructing three highway projects in India under long-term concession agreements awarded by the National Highways Authority of India. The three projects total over 400 kilometers of expansion of existing road stretches linking major cities and industrial hubs, as well as ports and tourist attractions. In addition to these projects, Isolux Corsán has qualified to bid on several new highway projects in India. Isolux Corsán’s parent company, Grupo Isolux Corsán, has committed to match MSI’s investment in the joint venture, bringing the total commitment to US$400 million, one of the largest foreign investments in Indian transport infrastructure to date.
MSI, part of Morgan Stanley Investment Management, is an infrastructure investment and management platform with $4 billion under management that focuses on assets providing essential public goods and services to societies across the globe. Grupo Isolux Corsán is a global engineering, construction and concessions group based in Spain.
The Davis Polk team was led by partner Kirtee Kapoor of the Hong Kong office.
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