Canada Pension Plan Investment Board (CPPIB) announced the acquisition of an additional 15.9% of the total units in IndInfravit Trust (IndInfravit) through two separate transactions. 

CPP Investments has acquired 7% of the units from Sadbhav Infrastructure Project Limited (SIPL) and will acquire an additional 8.9% from L&T IDPL, which, upon completion, will increase CPP Investments’ stake in IndInfravit from 27.9% to 43.8%. The combined investment amount of the two transactions is CAD 173 million (US$ 143 million). The unit acquisition from L&T IDPL is expected to be completed before mid-May 2021, subject to relevant regulatory requirements.

IndInfravit is an infrastructure investment trust (InvIT) sponsored by L&T Infrastructure Development Projects Limited (L&T IDPL). It holds a portfolio of 13 operational road concessions across five high-growth and economically diverse states: Karnataka, Maharashtra, Rajasthan, Tamil Nadu, and Telangana. The roads primarily supply inter-city and long-distance freight traffic, serving a mixed group of road users and goods traffic. The roads have been operational for approximately seven years.

L&T IDPL will continue to act as a sponsor and its subsidiary will remain as the investment manager for IndInfravit. L&T IDPL and SIPL will continue as project managers for the portfolio.