MUMBAI: Toronto-based OMERS Infrastructure on Friday said it has bought 22.4 per cent stake in IndInfravit Trust, an infrastructure investment trust sponsored by Larsen & Toubro Limited, for Rs 870 crore.
IndInfravit’s portfolio consists of five operational toll road concessions that were initially constructed and operated by L&T Infrastructure Development Projects Limited, a subsidiary of L&T.
“The five roads operate in some of the Republic of India’s most economically vibrant states and support the country’s growing economy,” a statement from OMERS said.
The said road assets are spread across Karnataka, Telangana, Tamil Nadu and Rajasthan. Two projects are underway in Tamil Nadu.“IndInfravit is a well-managed core infrastructure asset. This investment provides an attractive entry point for us into India, alongside well-trusted partners,” said Bruce Crane, managing director, OMERS Infrastructure Asia.
L&T IDPL had transferred its stake in five projects to Indinfravit Trust for Rs 909 crore. The investment trust, which is listed on the National Stock Exchange as well as the BSE Limited, also has on board investors such as Canada Pension Plan Investment Board, Allianz Capital Partners, L&T IDPL and other institutional investors.