CPP Investments Buys 25% of the Units in National Highways Infra Trust
Posted on 11/04/2021
Canada Pension Plan Investment Board (CPP Investments) acquired 25% of the units in National Highways Infra Trust, an infrastructure investment trust (InvIT) sponsored by the National Highways Authority of India (NHAI), for INR 15,029 million (C$257 million).
The National Highways Infra Trust has been set up to acquire brownfield toll roads from NHAI, the Indian government agency responsible for developing, maintaining and managing national highways in India. The InvIT will initially be seeded with a portfolio of five brownfield operating toll roads, under 30-year concessions. The portfolio spans nearly 390 kilometers across four Indian states: Gujarat, Karnataka, Rajasthan and Telangana.
CPP Investments has been an active investor in India’s infrastructure sector since 2014.
NHAI was set up in 1988 by an act of the Indian Parliament for the development, maintenance and management of national highways in India.