Consórcio Infraestrutura Brasil (CIB), formed by Pátria Group and GIC Private Limited, formerly known as Government of Singapore Investment Corporation, has just won the largest highway concession in Brazil until now, covering 1,273 km of roads. CIB bid R$1.1 billion (more than US$270 million) to take the roadway which connects the cities of Piracicaba and Panorama, in Sao Paulo State. CIB’s bid was 7,209.25% higher than the minimum value established by the bid notice.
Bids were opened this Wednesday in B3 headquarter in the city of Sao Paulo. CIB disputed against Ecorodovias Group, which also partnered with a foreign investment group, in this case, from China. The presence of both groups overcame market expectations of an absence of foreign investors during this new phase of highway concessions in Brazil. Thereby, their participation signs good perspectives for other highway concessions expected throughout this year in the country. Piracicaba-Panorama is the third highway concession of Patria Group in Brazil, the other two being also in Sao Paulo State.