To diversify its asset base, the National Investment and Infrastructure Fund bought a stake in the Navayuga Quazigund Expressway tunnel road in Jammu and Kashmir for about Rs 30.36 billion.

“National Investment and Infrastructure Fund (NIIFL) announces the acquisition of an equity stake in the Navayuga Quazigund Expressway (NQEPL) through the NIIF Master Fund with an enterprise value of approximately Rs 30.36 billion. This acquisition further expands the fund's broad portfolio and diversifies its asset base," said a press release.

The size of the stake that the company has purchased in NQEPL has not been disclosed by the company.

Athaang Infrastructure, the exclusive road platform of NIIF Master Fund, would be the operational tunnel road in the Union territory of Jammu & kashmir.

The National Highways Authority of India (NHAI) awarded one of the largest annuity projects on a build-operate-transfer (BOT) basis.

According to the NIIFL, NHAI pays fixed, semi-annual payments to this project, ensuring stable and predictable cash flows.

This acquisition, also the first tunnel road the company has acquired, is an important addition to the portfolio.