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Canadian fund Omers Infrastructure has acquired a 22.4 per cent stake in L&T Infrastructure Development Projects-sponsored IndInfravit Trust (IndInfravit) for ₹ 870 crore.
The investment marks Omers’ first investment in the infrastructure space in the county, the company said in a statement Friday.
IndInfravit holds a portfolio of five operational toll road projects, spread across Karnataka, Telangana, Tamil Nadu and Rajasthan, which were constructed and are being operated by L&T IDPL, a subsidiary of Larsen & Toubro.
“IndInfravit is a well-managed core infrastructure asset. This investment provides an attractive entry point for us into India, alongside well-trusted partners,” Omers Asia managing director Bruce Crane said.
He further said the company looks forward to working constructively with the other unit-holders, management and all local stakeholders to grow this platform in the coming years.
IndInfravit’s unitholders include Canada Pension Plan Investment Board, Allianz Capital Partners, L&T IDPL and a few other institutional investors.
“The investment in IndInfravit marks not only our first infrastructure investment in India, but also demonstrates our commitment to investing in the Asia-Pacific region following our office opening in Singapore in 2018,” Omers executive vice-president Ralph Berg said.
He further said the investment in IndInfravit aligns with its strategy to diversify its portfolio and generate value for it plan members.
“At the same time, we will continue to participate in the India growth story by investing more into crucial infrastructure. This deal also represents an opportunity to deepen our relationships with ACP, CPPIB and L&T,” he added.
Last May, L&T IDPL had transferred its stake in five subsidiaries to Indinfravit Trust through the infrastructure investment trust route for a consideration of Rs 909 crore.
A few days later, the Canada Pension Plan Investment Board picked up 30 percent in IndInfravit units for about $155 million, while Allianz Capital Partners acquired 25 per cent in the InvIT.
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