Ontario Teachers' Pension Plan Board has increased its investment in India's infrastructure, acquiring a 25% stake in the National Highways Infra Trust (NHIT) for INR 18.2 billion. Including previous investments, their total investment in NHIT now stands at INR 36.8 billion. NHAI sponsors NHIT, and the additional funds will facilitate the acquisition of seven more road concessions in central, eastern, and southern India, expanding NHIT's portfolio to 15 toll roads covering 1,525 km.
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Ontario Teachers' Pension Plan Board, a prominent Canadian pension fund, has announced its decision to increase its investment in India's infrastructure sector by acquiring an additional 25% stake in the National Highways Infra Trust (NHIT).
NHIT, managed by the National Highways Authority of India (NHAI), plays a vital role in the development of national highways across the country. Ontario Teachers' will inject INR 18.2 billion or CAD 298 million into its expanded stake, bringing its total investment in NHIT to INR 36.8 billion or CAD 606 million, inclusive of previous investments made in 2021 and 2022.
The NHAI, serving as the sponsor, has also shown confidence in NHIT's growth potential by investing 15% in the additional capital raise. The remaining units were sold to a diverse range of foreign and domestic institutional investors, including pension funds, insurance companies, mutual funds, banks, and financial institutions.
The funds raised through this capital raise will primarily be utilised to acquire seven additional road concessions in central, eastern, and southern India. With this expansion, NHIT will oversee a portfolio of 15 toll roads spanning across states such as Assam, Gujarat, Karnataka, Maharashtra, Madhya Pradesh, Rajasthan, Telangana, Uttar Pradesh, and West Bengal. These roads collectively cover a distance of 1,525 kilometres and have concession periods ranging between 20 to 30 years.
Debapratim Hajara, Managing Director of Infrastructure & Natural Resources, Asia Pacific at Ontario Teachers', highlighted the significance of this investment in supporting India's economic growth through the enhancement of its road infrastructure. He reiterated Ontario Teachers' commitment to partnering with NHAI and expressed delight in contributing to the development of high-quality road assets in India.
The investment by Ontario Teachers' reflects growing international interest in India's infrastructure sector and underscores the pivotal role played by organisations like NHIT in driving sustainable development and economic progress in the country.
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