Two Canadian pension funds are locked in a competitive bidding process for a roads portfolio in India owned by Global Infrastructure Partners (GIP), according to Mint.
The C$392 billion ($297 billion) Canada Pension Plan Investment Board (CPPIB) and C$309.5 billion ($235 billion) Caisse de depot et placement du Quebec (CDPQ) have bid around INR 3,200 crore ($465 million) in enterprise valuation for the Highway Concessions One (HC1) portfolio.
The portfolio, which comprises 472 route kilometers (293 miles), includes five toll roads and two annuity roads spread across seven states. It generates a consolidated revenue of INR 620 crore ($90 million).
GIP reportedly launched the competitive bidding process in December. Other contenders included Piramal and the National Investment and Infrastructure Fund (NIIF), which backed out due to high valuations.
The buyer will be announced in the next couple of weeks.
GIP manages more than $51 billion on behalf of its investors. The firm reports an annual combined revenue of $46 billion for the companies within its portfolio.
