Indiana is set to become the first US state to privatise a toll road after it unveiled a winning $3.85bn bid for its only toll road from Macquarie Infrastructure Group and Cintra, the Spanish toll road investor.

The state’s deal to sell a 75-year concession to run the Indiana Toll Road could open the door for other cash-strapped states to invite private investment in roads and bridges, assets traditionally owned and run by state and local governments.