+
CPP Investments acquires additional stake in IndInfravit Trust
ROADS & HIGHWAYS

CPP Investments acquires additional stake in IndInfravit Trust

Canada Pension Plan Investment Board (CPP Investments) is acquiring an additional 15.9% of the total units in IndInfravit Trust, an infrastructure investment trust (InvIT) at a cost of Rs 1,005 crore.

Sponsored by L&T Infrastructure Development Projects (L&T IDPL), IndInfravit was launched in 2018, and it acquires and maintains stable brownfield road concessions in India. The stake is being bought through two separate deals.

According to the pension fund, CPP Investments has acquired 7% of the units from Sadbhav Infrastructure Project (SIPL) and will acquire an additional 8.9% from L&T IDPL, which, upon completion, will increase CPP Investments' stake in IndInfravit from 27.9% to 43.8%.

The combined investment amount of the two transactions is Rs 1,005 crore, the pension fund said. The transaction is expected to be completed by mid-May, subject to regulatory approvals, it said.

Currently, IndInfravit holds a portfolio of 13 operational road concessions across Karnataka, Maharashtra, Rajasthan, Tamil Nadu and Telangana. The roads have been operational, on average, for around seven years.

Scott Lawrence, Managing Director and Head of infrastructure, CPP Investments, told the media that the company has been invested in IndInfravit, the first private infrastructure investment trust of its kind in India, since its inception in 2018.

Image Source

Canada Pension Plan Investment Board (CPP Investments) is acquiring an additional 15.9% of the total units in IndInfravit Trust, an infrastructure investment trust (InvIT) at a cost of Rs 1,005 crore. Sponsored by L&T Infrastructure Development Projects (L&T IDPL), IndInfravit was launched in 2018, and it acquires and maintains stable brownfield road concessions in India. The stake is being bought through two separate deals. According to the pension fund, CPP Investments has acquired 7% of the units from Sadbhav Infrastructure Project (SIPL) and will acquire an additional 8.9% from L&T IDPL, which, upon completion, will increase CPP Investments' stake in IndInfravit from 27.9% to 43.8%. The combined investment amount of the two transactions is Rs 1,005 crore, the pension fund said. The transaction is expected to be completed by mid-May, subject to regulatory approvals, it said. Currently, IndInfravit holds a portfolio of 13 operational road concessions across Karnataka, Maharashtra, Rajasthan, Tamil Nadu and Telangana. The roads have been operational, on average, for around seven years. Scott Lawrence, Managing Director and Head of infrastructure, CPP Investments, told the media that the company has been invested in IndInfravit, the first private infrastructure investment trust of its kind in India, since its inception in 2018. Image Source

Related Stories

Gold Stories

Next Story
Infrastructure Transport

97 Per Cent Of Rongjeng-Mangsang-Adokgre Road Nears Completion

Deputy Chief Minister in-charge of public works Prestone Tynsong said in Shillong on 26 August that 97 per cent physical progress had been achieved on the ongoing Rongjeng-Mangsang-Adokgre road being constructed under the Non-Lapsable Central Pool of Resources (NLCPR). He noted the project was sanctioned in 2017 and that the stipulated time for completion had been 24 months from issue of the final work order. The deputy chief minister informed the assembly that the government had decided to include the remaining work under a World Bank project. In reply to a query from Rongjeng MLA Jim M Sangm..

Next Story
Infrastructure Transport

First TBM Starts Digging Five Point Three Kilometre Tunnel Under SGNP

The Goregaon-Mulund Link Road (GMLR) Phase three (B) project has reached a key milestone as the first tunnel boring machine (TBM) began excavation of the first of two tunnels beneath the Sanjay Gandhi National Park (SGNP). The machine, named Tulsi, started cutting a five point three kilometre bore that will link Dadasaheb Phalke Chitranagari in Goregaon East with Amar Nagar in Mulund West. Officials issued a statement noting the commencement of tunnelling work under the protected green belt. The twin tunnels are being constructed using mechanised tunnelling methods that aim to limit surface di..

Next Story
Infrastructure Transport

UP Approves Two Expressways And Rs 240 bn Infrastructure Push

The Uttar Pradesh Cabinet approved a series of infrastructure and industrial investment proposals totalling Rs 240 billion (Rs 240 bn), including two major expressway projects, a manufacturing and logistics cluster in Sultanpur and incentives for 11 industrial projects across the state. The decisions, taken at a meeting chaired by Chief Minister Yogi Adityanath, underline the state government’s focus on expanding road connectivity around emerging industrial hubs while attracting manufacturing investment to districts beyond major urban centres. The approvals cover both greenfield expressway c..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code