The National Highways Authority of India’s (NHAI) infrastructure investment trust (InvIT) has generated Rs 14.3 billion through the placement of its units from domestic and foreign investors in order to partially fund its acquisition of three road projects from NHAI. The units have been subscribed by a gamut of institutional investors, including Canada Pension Plan Investment Board, Ontario Teachers’ Pension Plan Board, State Bank of India, SBI Pension Fund, SBI Mutual Fund, IOCL Employee Provident Fund, L&T and Staff Provident Fund.
CPP Investments added an equity investment of Rs 3.57 billion (CAD 60 million) in the InvIT. Following the current transaction, CPP Investments will continue to hold 25 per cent of the units in the NHAI InvIT. The total portfolio now spans approximately 636 km across seven Indian states – Gujarat, Karnataka, Madhya Pradesh, Maharashtra, Rajasthan, Uttar Pradesh and Telangana.