Macquarie is poised to acquire a significant stake in one of India’s largest highway-focused infrastructure investment trusts (InvITs). Macquarie is now set to acquire 37.5 per cent of the units of Maple Infrastructure Trust, an infrastructure investment trust sponsored by Canadian pension fund La Caisse (earlier CDPQ). It will also buy a 42.5 per cent stake in the InvIT’s investment manager and a 40 per cent stake in the InvIT’s project manager from La Caisse. The pension fund will retain a 42.5 per cent stake in the investment manager but give up control to Macquarie, regulatory filings show. The impending deal comes even as the infrastructure-focussed investor looks to offload its India toll roads platform, Safeway Concessions Private Limited.
Macquarie, which is investing via a Singapore-based but India-focussed vehicle, is shelling out Rs 160 million to acquire the controlling stake in the investment manager and Rs 18 million to buy into the project manager. The exact amount Macquarie might spend to buy 37.5 per cent units of the InvIT couldn’t be ascertained. However, based on the price at which the InvIT raised Rs 17.56 billion in November last year from La Caisse and other investors including Indian asset manager 360 ONE and some local companies, Macquarie could invest at least Rs 25.80 billion ($280 million) to purchase these units.
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