CPPIB Goes on a Buying Spree?
ByThe Canada Pension Plan Investment Board is among the anchor investors in India’s first private infrastructure investment trust.
Sponsored by L&T Infrastructure Development Projects Ltd., the CPPIB and Allianz Capital Partners will take a combined 55 per cent stake in the IndInfravit trust. The trust will focus on developing toll roads and other road infrastructure. It will initially acquire five operational toll roads spread across four Indian states.
The CPPIB is taking a $200-million stake, amounting to 30 per cent of the trust’s units, in addition to taking a board position.
“This investment allows CPPIB to deepen our relationships with Allianz Capital Partners and L&T IDPL, and demonstrates our commitment to investing in India. The rapidly growing Indian economy brings with it a need for sound infrastructure, and we are pleased to be able to support this growth, while delivering solid long-term risk adjusted returns for the CPP fund,” said Scott Lawrence, managing director and global head of infrastructure at the CPPIB, in a press release…
