Maple Highways in talks to raise about $200 million from Societe Generale

By Saikat Das

  Maple Highways Pte Ltd, an Indian road contractor backed by Canada’s second largest pension fund, is in advanced talks to raise about $200 million through a bilateral offshore loan, according to people familiar with the matter. 

French bank Societe Generale SA and the borrower are working on documentation for the loan deal, said the people, who asked not to be identified because the information is private. Proceeds will be infused into an infrastructure investment trust which will be used to acquire road assets, they said. 

Maple is in the process of acquiring five road assets of Ashoka Buildcon Ltd, for which the deadline has been extended to September 30 from June 30, the people said. The loan could have a three-year tenor, though details are still be finalized, they added.  

Societe Generale has been ramping up operations in India. More than a year ago it committed up to $1 billion in financing and advisory services to ReNew Energy Global Plc. Acquisition financing, where domestic banks face restrictions, represents an opportunity for international lenders looking to grow in India, particularly via private credit funds, according to a report from consultancy firm Ernst & Young.  

Maple Highways is backed by Caisse de Depot et Placement du Quebec, Canada’s second largest pension fund, according to it website. Maple and CDPQ did not reply to Bloomberg’s emails seeking comments. SocGen declined to comment.