KKR, Ontario Teachers Invest Rs 5,500 Crore in HIT

15 Jan 2025 CW Team

Global private equity giant KKR and the Ontario Teachers' Pension Plan (Ontario Teachers') have committed a total of approximately Rs 5,500 crore (about $660 million) in the Highways Infrastructure Trust (HIT), an infrastructure trust that owns and operates highways across India. The announcement was made through a stock exchange filing.

Of the total investment, KKR's investment arm, Nebula Asia Holdings II Pte. Ltd., will contribute Rs 3,756 crore, while Ontario Teachers' will invest Rs 1,695 crore. KKR, which is the sponsor of HIT, and Ontario Teachers', a key shareholder, will channel this capital into supporting HIT's most recent acquisitions.

In a strategic move, HIT last year agreed to acquire 12 road assets from PNC Infratech and its subsidiary, PNC Infra Holdings, at an enterprise value of Rs 9,006 crore. This investment is set to further enhance HIT’s growing portfolio, which has already expanded to 15 assets, covering approximately 3,580 lane kilometres across nine states in India.

KKR’s involvement in India’s road sector began in 2021 when it acquired Highway Concessions One (HC1) and seven highway assets spanning 487 kilometers from Global Infrastructure Partners. It also acquired the Navayuga Udupi Tollway, a toll road located in Hyderabad, for an enterprise value of Rs 924 crore.

Since its establishment in 2022, HIT has been a key player in India’s highway infrastructure development. The trust continues to attract significant investments, further strengthening its position in the Indian infrastructure market. Meanwhile, Caisse de dépôt et placement du Québec (CDPQ), a Canadian pension fund, is in early discussions to raise capital for its own infrastructure trust, Maple Infrastructure Trust, which also targets India’s growing road sector.

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