Canada Pension Plan Investment Board (CPP Investments) has made a INR 3.575 million follow-on ($43 million) investment in National Highways Infra Trust, an infrastructure investment trust (InvIT) sponsored by the National Highways Authority of India (NHAI).
This investment, made through an institutional placement undertaken by NHAI InvIT, follows an initial C$257 million ($185 million) investment in NHAI InvIT’s IPO in November 2021.
After the most recent investment, CPP Investments will continue to hold 25 percent of the units in NHAI InvIT. Proceeds from the placement will be used to acquire three brownfield toll roads that are now 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.
The total portfolio now spans approximately 636 kilometers (395 miles) across seven Indian states, including Gujarat, Karnataka, Madhya Pradesh, Maharashtra, Rajasthan, Uttar P