CPPIB, Allianz to acquire 55% of units in L&T sponsored trust

Canada Pension Plan Investment Board (CPPIB) and Allianz Capital Partner will pick up 55 per cent units in India's first private infrastructure investment trust, sponsored by a subsidiary of Larsen & Toubro.

CPPIB and Allianz Capital Partners (ACP), on behalf of Allianz insurance companies, announced that they are acting as anchor investors in the trust, IndInfravit Trust.

IndInfravit Trust is sponsored by L&T Infrastructure Development Projects Limited (L&T IDPL) and will be soon listed on NSE and BSE.

"CPPIB will invest approximately C$200 million (about USD 155 million) for 30 per cent of IndInfravit units, ACP has acquired 25 per cent of the units, and L&T IDPL will hold 15 per cent of the units.

"The remainder of the units have been subscribed by other local and international institutional investors," said the release of CPPIB.

CPPIB and Allianz will acquire 55 per cent of the units in the trust, which will focus on development of toll roads and road infrastructure in India.

As per the release, IndInfravit Trust will initially acquire five operational toll roads and plans to grow in the future through additional investments in road infrastructure in India.

The five toll roads initially constructed by L&T IDPL are spread across four states -- Karnataka, Telangana, Tamil Nadu and Rajasthan.

These toll roads, the release said have been operating for approximately five years now and are used by diverse groups of road users and goods traffic.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)