A consortium between Brazilian private equity firm Pátria Investimentos Ltda. and Singapore's wealth fund GIC Pte. Ltd. is set to operate a highway in the Brazilian state of São Paulo for 30 years after winning an auction, Reuters reported.

The duo filed a 1.1 billion-real bid to operate the 1,273-kilometer Piracicaba-Panorama highway. GIC and Blackstone Group LP-backed Patria won against railway operator Ecorodovias Infraestrutura e Logistica SA, which submitted a bid of 527 million reais.

Concession rules require the consortium to invest 14 billion reais for the improvement of the road's infrastructure and services, according to the report.

As of Jan. 8, US$1 was equivalent to 4.07 Brazilian reais.