Morgan Stanley Infrastructure Partners and Isolux Corsan Announce Commitment To Invest Up to USD 400 Million in a Joint Venture in India

Amsterdam and New Delhi (ots/PRNewswire) -

Morgan Stanley Infrastructure (MSI), the dedicated infrastructure
investing platform of Morgan Stanley , announced today that Morgan
Stanley Infrastructure Partners (MSIP), a USD 4 billion global
infrastructure fund, has committed to invest up to USD 200 million in
a joint venture with Isolux Corsan Concesiones in India. Grupo Isolux
Corsan has also committed to match the investment in the joint
venture, bringing the total commitment to USD 400 million, one of the
largest foreign investments in Indian transport infrastructure to
date. Isolux Corsan Concesiones is a large-scale infrastructure
concessions subsidiary of Grupo Isolux Corsan, a global company with
revenues of USD 4 billion, specialising in large projects across
construction, engineering and concessions.

The joint venture is constructing three highway projects in India
under long-term concession agreements awarded through the
Build-Operate-Transfer (BOT) program of the National Highways
Authority of India (NHAI). The three projects, which total over 400
kilometers of road, are estimated to cost over USD 1.6 billion and
have already received debt financing from leading financial
institutions and substantial equity investment from Isolux Corsan.
The projects are expansions of existing roads, and will link major
cities, industrial hubs, as well as ports and tourist attractions. In
addition to these three projects, Isolux Corsan has qualified to bid
on several new NHAI projects.

"We are very pleased to have concluded an exclusive deal for this
addition to our global fund," said Sadek Wahba, Global Head of MSI
and Chief Investment Officer of MSIP. "This joint venture offers an
excellent opportunity for Morgan Stanley Infrastructure to pursue its
overall strategy of creating a stable portfolio of assets diversified
by sector and geography. This platform will leverage Isolux Corsan's
strong credentials in developing infrastructure assets for emerging
markets and its proven ability to work with local construction
companies."

Antonio Portela, CEO of Grupo Isolux Corsan, said, "We look
forward to working with Morgan Stanley Infrastructure, a renowned
global infrastructure investor. This investment represents the
recognition of our strategy in India and the confidence in our
expertise in the development of large infrastructure projects in
emerging markets. We believe that Isolux Corsan Concesiones and
Morgan Stanley Infrastructure will together capitalize on the Indian
roads opportunity and create a best-in-class road portfolio company
in the years to come."

The Indian road development program being undertaken by the NHAI
under a Public-Private-Partnership model is among the largest PPP
programs in the world today. NHAI's National Highway Development
Program was initiated in 1999 and is estimated to total USD 50
billion when completed. India has witnessed double-digit growth in
vehicle registrations over the past 10 years, according to
Euromonitor, and Morgan Stanley Research identifies it as the
second-fastest growing auto market in the world.

"The joint venture with Isolux Corsan Concesiones adds to our
successful presence in India's transportation sector, providing us
with an excellent road concession platform in a market that is
experiencing rapid urbanization and dramatic growth in vehicles,"
said Gautam Bhandari, Head of MSI Asia. "As with our other
investments in emerging markets, we target unique assets and
world-class partners to build exceptional infrastructure companies in
the region."

About Morgan Stanley Infrastructure

Morgan Stanley Infrastructure (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. MSI employs a disciplined process to invest in diverse assets,
with an investment scope that covers 11 sectors in eight countries
across four continents. With offices in North America, Europe and
Asia, MSI leverages a global network of relationships to source
investments in infrastructure-related sectors such as transport,
energy & utilities, and social infrastructure. For further
information, please visit
http://www.morganstanley.com/infrastructure.

About Morgan Stanley

Morgan Stanley is a leading global financial services firm
providing a wide range of investment banking, securities, investment
management and wealth management services. The Firm's employees serve
clients worldwide including corporations, governments, institutions
and individuals from more than 1,300 offices in 42 countries. For
further information about Morgan Stanley, please visit
http://www.morganstanley.com.

About Isolux Corsan Concesiones

Isolux Corsan Concesiones is a large-scale subsidiary of Grupo
Isolux Corsan, which currently has three highway projects under
construction in India that are included in a joint venture with
Morgan Stanley Infrastructure Partners. These projects include a 94
km, two-to-six laning project on National Highway 8 from Kishangarh
to Beawar in the state of Rajasthan; a 133 km, two-to-four laning
project on National Highway 6 from Maharashtra-Gujarat Border to
Hazira in the state of Gujarat; and a 192 km, four-to-six laning
project on National Highway 2 from Varanasi to Aurangabad in the
states of Uttar Pradesh and Bihar. All three projects are financially
closed and have concession lives of 18-30 years, with expected
completion dates in 2012 and 2013. The company continues to actively
pursue other attractive road concession projects and partnerships in
India and other parts of South Asia.

About Grupo Isolux Corsan

Grupo Isolux Corsan is a global engineering, construction, and
concessions unlisted group. Its strong presence in Spain complements
its growing international stature, demonstrated by Grupo Isolux
Corsan's presence in more than 30 countries. Grupo Isolux Corsan's
main area of growth is in the infrastructure concession segment. The
concessions business is focused on projects in four main areas:
highways, energy transmission, photovoltaic energy plants and car
parks throughout the world. The company operates concessions in seven
countries (Brazil, India, Mexico, Spain, United States, Peru and
Italy), where it is building and operating over 1,690 km of
motorways, over 4,660 km of high-voltage transmission lines, 168 MW
of photovoltaic plants and over 21,000 parking places. In 2010, the
company's registered revenue was over EUR 3.24 billion, with a gross
operating income of EUR 311 million and an accumulated business
portfolio of EUR 30 billion. For more information, visit the Grupo
Isolux Corsan website, http://www.isoluxcorsan.com.

ots Originaltext: Grupo Isolux Corsan S.A. & Morgan Stanley
Im Internet recherchierbar: http://www.presseportal.de

Contact:
Morgan Stanley: Media Relations (Hong Kong based), Noel
Cheung,+852-2848-6788, noel.c.cheung@morganstanley.com ; Isolux
Corsan,Communication Manager (Madrid based), Isabel Saracho,
+34-91-4493293,isaracho@isoluxcorsan.com ; Genesis Burson Marsteller
on behalf of MorganStanley and Isolux Corsan, Consulting Associate
(Bombay based), AnishaGupta+91-9833626674, Anisha.gupta@bm.com