Mumbai: Macquarie Asset Management (MAM) has acquired a stake in Maple Infrastructure Trust, which owns and operates toll roads across India, from global investment group La Caisse, the companies said in a statement on Monday.
Macquarie has invested around $450 million, including $150 million in additional capital earmarked for future acquisitions of Maple, through its fourth Asia Pacific Infrastructure Fund, while La Caisse has invested around $150 million to support its growth ambitions. The companies did not disclose the exact composition of the shares and the cost of the transaction.
Following the September 11 transaction, MAM and La Caisse will jointly own majority stakes in the investment manager and project manager Infrastructure Investment Trust.
This comes as India emerges as one of the largest and most diverse transport networks in the world, with a road network spanning nearly six million kilometres. As the country’s middle class expands, rising vehicle ownership and growing mobility needs are driving increased demand for high-quality transportation infrastructure, including toll roads and electrification solutions.
The partnership combines MAM’s infrastructure investment and active asset management expertise in India with La Caisse’s experience in developing, scaling and managing infrastructure platforms globally, the statement said.
“India remains a key market for Macquarie and Maple reflects our belief in the country’s long-term infrastructure capabilities,” said Verena Lim, co-head of Asia Pacific infrastructure at Macquarie Asset Management and CEO of Macquarie Group in Asia. “Building on our experienced local team and long-standing market and industry presence, we look forward to partnering with La Caisse to support Maple’s next phase of growth, building on the platform’s strong foundation through our operational expertise and proactive approach to asset management.”
Founded in 2021 with financial backing from Canada’s La Caisse, Maple owns and operates seven toll roads in six states in eastern, northern and southern India through long-term concession agreements. The total length of the road network is approximately 3,328 kilometers.
“Five years ago, we entered the Indian road sector with a single asset and a belief in the long-term potential of the market. Since then, Maple has grown into one of the country’s leading road platforms,” said Emmanuel Jacqulot, executive vice president and head of infrastructure and sustainability at La Caisse.
La Caisse, a global investment firm based in Quebec, is active in the major financial markets, private equity, infrastructure, real estate and private credit. As of June 30, 2026, its net assets were C$552 billion.
MAM, part of the Macquarie Group, manages $498 billion in assets and has a diversified global financial services group operating in asset management, retail and business banking, asset management and advisory, and risk and capital solutions across debt, equity, financial markets and commodities.