The second-largest pension fund manager in Canada, Caisse de depot et placement du Quebec (CDPQ), has emerged as the preferred bidder for a massive roads portfolio in India.
The Highway Concessions One (HC1) portfolio is comprised of five toll roads and two annuity roads for a total of 472 route kilometers (293 miles) of roads spread across seven different states. The portfolio generates a consolidated revenue of INR620 crore ($86.6 million).
The bidding process was launched in December and included contenders like Piramal, the National Investment and Infrastructure Fund (NIIF), and the Canada Pension Plan Investment Board (CPPIB).
By late July, the competitive bidding process had narrowed to two, with CDPQ and CPPIB going head-to-head-for the contract.
According to Mint, CDPQ is in exclusive talks with the seller, Global Infrastructure Partners (GIP), and is prepared to spend around INR3,000 crore ($419 million) for the assets.