CPP Investments acquires additional stake in IndInfravit Trust

07 May 2021 CW Team

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.

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