MUMBAI, INDIA — The Canada Pension Plan Investment Board recently announced it has invested the equivalent of almost C$300 million in India’s National Highways Infra Trust, which makes capital investments in maintaining and expanding the India’s highway network.
The proceeds will be used to acquire seven brownfield toll roads, currently owned by the National Highways Authority of India (NHAI), as part of the Government of India’s National Monetisation Pipeline, stated a release.
The newly acquired toll roads will increase the size of the trust’s portfolio from eight to 15 toll roads, all of which have been acquired from the NHAI, a statutory authority set up in 1988 and responsible for developing, maintaining and managing national highways in India.
“India remains a key market for CPP Investments and infrastructure is vital to the country’s economic growth. Our follow-on investment in NHIT deepens our commitment to this highly scalable platform, which has an important role to play in the continued expansion of the Indian road network,” said James Bryce, managing director and head of infrastructure with CPP Investments, in a statement. “We are confident that this investment will continue to deliver high-quality infrastructure across India while generating strong risk-adjusted returns for the CPP Fund.”
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