Canada Pension Plan Investment Board (CPP Investments) has announced an equity investment of INR3,575 million (US$43 million) in National Highways Infra Trust (NHAI InvIT), an infrastructure investment trust (InvIT) sponsored by the National Highways Authority of India (NHAI).

The proceeds, done through an institutional placement undertaken by NHAI InvIT, enable the acquisition of three existing NHAI toll roads, which will increase the size of the NHAI InvIT portfolio from five to eight toll roads. The NHAI InvIT portfolio represents 636 km in Indian states such as Gujarat, Karnataka, Madhya Pradesh, Maharashtra, Rajasthan, Uttar Pradesh and Telangana.

Following the investment in NHAI InvIT, CPP Investments will continue to own 25% of the units in NHAI InvIT. This was preceded by an initial investment of CA$257 million (US$186 million) in the NHAI InvIT’s IPO in November 2021.