Pension funds bid for stake in Sydney road project: sources

Sydney

AT least two Australian pension funds and one Canadian fund are participating in competing groups bidding for a majority stake in one of Australia's largest infrastructure projects, people with knowledge of the sale told Reuters.

Australia's New South Wales government is trying to sell a 51 per cent stake in Sydney Motorway Corporation (SMC), the company building the A$16.8 billion (S$17.4 billion) WestConnex project, which links Sydney's centre with its fast-growing western suburbs. Preliminary bids for a 51 per cent stake were due on Monday with final bids due by mid-year.