Canada Pension Plan Investment Board (CPP Investments) announces an equity investment worth Rs 357.5 crore in National Highways Infra Trust, an infrastructure investment trust (InvIT) sponsored by the National Highways Authority of India (NHAI).
After the fresh investment, CPP Investments will continue to hold 25 per cent of the units in NHAI InvIT. This investment, made through an institutional placement by NHAI InvIT, follows an initial investment of around Rs 1,500 crore in NHAI InvIT’s IPO in November 2021.
The proceeds of the institutional placement will be used to acquire three brownfield toll roads currently owned by NHAI, a statutory authority established by the central government in 1988 to develop, maintain, and manage India’s national highways.
The acquisition will increase the size of NHAI InvIT’s portfolio from five to eight toll roads – all of which have been acquired from NHAI. The total portfolio now spans approximately 636 kilometers across seven Indian states: Gujarat, Karnataka, Madhya Pradesh, Maharashtra, Rajasthan, Uttar Pradesh and Telangana.
The acquisition expands NHAI InvIT’s portfolio from five to eight toll roads, all of which were acquired from NHAI. Gujarat, Karnataka, Madhya Pradesh, Maharashtra, Rajasthan, Uttar Pradesh, and Telangana now make up the total portfolio, which now spans approximately 636 kilometers across seven Indian states.
The investment firm is self-governed and managed, with offices in Hong Kong, London, Luxembourg, Mumbai, New York City, San Francisco, So Paulo, and Sydney.