CPPIB and ACP to act as anchor investors in IndInfravit Trust

The Canada Pension Plan Investment Board (CPPIB) and Allianz Capital Partners (ACP) will act as anchor investors in the IndInfravit Trust, sponsored by L&T Infrastructure Development Projects Limited (L&T IDPL). CPPIB will invest approximately CAD 200 million for 30 per cent of the IndInfravit units. ACP has already acquired 25 per cent of the units, while L&T IDPL will hold 15 per cent. The remaining units have been subscribed to by several local and international institutional investors. Initially, the investment infrastructure trust (InvIT) will acquire five operational toll roads spread across Karnataka, Telangana, Tamil Nadu and Rajasthan. L&T IDPL plans to raise around Rs 32 billion through the InvIT. The company has transferred its stake in five subsidiary companies to the IndInfravit Trust for a consideration of Rs 9.09 billion. Accordingly, these companies have ceased to be subsidiary companies of L&T IDPL. The five subsidiaries are Krishnagiri Thopur Toll Road Limited, L&T BPP Tollway Limited, Devihalli Hassan Tollway Limited, Krishnagiri Walajahphet Tollway Limited and Western Andhra Tollways Limited.