New Jersey officials confirmed yesterday that the state's pension fund owns nearly 32 million shares of stock, worth $190 million, in two foreign firms that operate the Indiana Toll Road and would be likely bidders if Gov. Jon Corzine decides to lease the New Jersey Turnpike or other state highways.

Tom Vincz, spokesman for the state Treasury Department, said the state owns 25.6 million shares, valued at $82 million, in Macquarie Infrastructure Co., an Australian firm, and 6.2 million shares, worth $108 million, in Cintra Concessiones de Infraestructuras de Transporte, a Spanish company. The two companies jointly paid Indiana $3.8 billion last year to operate that state's major highway for 75 years, and paid Chicago $1.8 billion in 2005 to operate the Skyway for 99 years. The consortium runs toll roads in other nations as well.

The two firms would be possible bidders if Corzine decides to lease state toll roads to private operators. Vincz refused to speculate on whether the state would sell its stock in the two firms if that happens to avoid the appearance of a conflict of interest. On the other hand, if the state rejects private operation, it could hurt the value of the stocks.

Within days, Corzine will be receiving detailed briefings by Treasurer Bradley Abelow and Transportation Commissioner Kris Kolluri on the state's options for converting its assets into cash. Before the end of June, the governor is expected to discuss those options publicly.

In his February budget address, the governor said "monetizing" as sets through sales or other deals may be the best alternative for reducing state debt and freeing up state dollars for other long-term investments. The other options include higher taxes, devastating cuts or even heavier borrowing, he said.

Any plan to "monetize" state assets would need legislative approval.

Vincz said the state Division of Investments first began buying Macquarie stock in November 2003 and Cintra stock in October 2004. He said the shares are just a fraction of the pension funds' overall value of $80 billion. "It's a small portion and there are various rationales for stock holdings and stock decisions that are executed probably on an hour-by-hour basis," he said.

He added that the State Investment Council held discussions last week about direct ownership of toll roads and other infrastructure, in addition to owning stocks of operating firms. A consultant urged the council to consider such investments because they provide steady returns that can offset inflation, a major concern for institutional investors like the state pension fund.

Across the Delaware yesterday, Pennsylvania officials concluded that leasing their turnpike to private operators would generate the biggest windfall among three options being considered.

"The lease option would almost certainly provide the most money and, for that reason, we have to take it seriously," Gov. Ed Rendell said in a prepared statement.

Rendell had asked Morgan Stanley to study three options: a long-term lease of the 537-mile Pennsylvania Turnpike like Indiana's, creation of a new tax-exempt corporation to manage it, and continued operation by the Pennsylvania Turnpike Commission along with higher tolls and a new "congestion" tax.

While all three plans could deliver nearly $1 billion per year to in vest in new state roads and bridges, Morgan Stanley concluded that the long-term lease provided the biggest yield for the state. Even so, Jim Swoyer, a spokesman for the Pennsylvania Public Interest Research Group, called the possibility "very troubling" and said "privatization could have serious effects on the public well into the next century."

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