Private Equity

PE Fund Investments

IndInfravit to buy 5 road projects from Brookfield in $1.2 B deal

Press Release  

Publicly listed infrastructure investment trust (InvIT) IndInfravit Trust has agreed to buy a portfolio of Indian road assets from Canadian infrastructure focused investor Brookfield in a cash deal valued at around INR 9,300 crore (EV of about USD 1.2 Billion). The portfolio comprises three toll roads and two annuity roads, with approximately 2,400 lane km in Andhra Pradesh, Bihar, Maharashtra and Uttar Pradesh. The roads portfolio has been operational for about nine years and residual concession period of 20 years on average. IndInfravit has entered into an agreement with investment holdings of Brookfield - BIF India Holdings Pte Ltd and Kinetic Holdings 1 Pte Ltd - to buy the entire equity shareholding of five operational road projects. Ambit acted as the exclusive financial adviser and Cyril Amarchand Mangaldas as the legal adviser to IndInfravit. IndInfravit's promoting unitholders include Allianz insurance companies represented by Allianz Capital Partners, Canada Pension Plan Investment Board (“CPP Investments”) and OMERS Infrastructure.