Canada Pension Plan Investment Board (CPP Investments) has made a further INR3.57bn (鈧�44.7m) commitment to the National Highways Authority of India鈥檚 (NHAI) infrastructure investment trust (InvIT).
Following the current transaction, CPP Investments will continue to hold 25% of the units in NHAI InvIT.
The Canadian investor鈥檚 investment 鈥� done through an institutional placement undertaken by NHAI InvIT 鈥� follows an initial C$257m (鈧�192m) investment in NHAI InvIT鈥檚 initial public offering in November last year.
CPP Investments said the proceeds from the institutional placement will be used to acquire three brownfield toll roads, currently owned by NHAI. The acquisition will increase the size of NHAI InvIT鈥檚 portfolio from five to eight toll roads 鈥� all of which have been acquired from NHAI.
Scott Lawrence, managing director and global head of infrastructure at CPP Investments, said: 鈥淲e have been an active investor in India鈥檚 infrastructure sector since 2014.
鈥淭his follow-on investment further deepens our commitment to the NHAI InvIT platform to acquire road projects across the country, ultimately delivering solid long-term returns for the CPP Fund.鈥�
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