This investment, done through an institutional placement undertaken by NHAI InvIT, follows an initial C$257 million investment in NHAI InvIT’s IPO in November 2021.
Following the current transaction, CPP Investments will continue to hold 25% of the units in NHAI InvIT.
Proceeds from the institutional placement will be used to acquire three brownfield toll roads, currently owned by NHAI.
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, a statutory authority set up in 1988 by an act of the Indian Parliament and responsible for developing, maintaining and managing national highways in India.
The total portfolio now spans approximately 636 kilometers across seven Indian states – Gujarat, Karnataka, Madhya Pradesh, Maharashtra, Rajasthan, Uttar Pradesh and Telangana.
“We have been an active investor in India’s infrastructure sector since 2014. This follow-on investment further deepens our commitment to the NHAI InvIT platform to acquire road projects across the country, ultimately delivering solid long-term returns for the CPP Fund,” said Scott Lawrence, Managing Director & Global Head of Infrastructure, CPP Investments.
