MANILA - Diversified conglomerate San Miguel Corp. (SMC) is set to acquire a substantial stake in the local consortium behind the construction of a multimillion-dollar toll road project, north of Manila.

In a disclosure to the Philippine Stock Exchange on Thursday, SMC said it has signed, through subsidiary Rapid Thoroughfares Inc., a subscription agreement for a 35% stake in Private Infrastructure Development Corp. (PIDC), a consortium of construction companies that will build the $312.5-million Tarlac-Pangasinan-La Union Expressway project.

"The agreement is the most recent step in SMC's strategic transformation to diversify from its core food, beverage, and packaging portfolio, and marks its entry into infrastructure and tollways," SMC said.

This deal is second in a row for San Miguel. The road project came a day after SMC won the auction for the 620-megawatt Limay combined-cycle power plant. SMC said it will join bidding later this week to buy the output of 2 big coal-fueled plants.

The company has also taken a significant stake in power retailer Manila Electric Co. and oil refiner Petron Corp.