CPP Investments strikes secondary deal to step up exposure in IndInfravit Trust

CPP Investments has bought additional units in IndInfravit Trust, an infrastructure investment trust (InvIT), thus increasing its exposure to the In­dian highways sector via a new secondary deal. The pension fund has bought units equivalent to a 6.05 per cent ownership interest from L&T Infrastructure Development Projects Limited, the original sponsor of the InvIT, for Rs 5.22 billion ($63.3 million). This has increased CPP Invest­ments’ stake in IndInfravit from 43.87 per cent to 49.93 per cent.