Canadian funds invest C$595m in India’s NHIT

The Canada Pension Plan Investment Board and the Ontario Teachers’ Pension Plan Board have invested a total of 595 million Canadian dollar in India’s National Highways Infra Trust (NHIT) this week, Reuters reported on Wednesday.

The trust, backed by the Indian government for developing national highways, received C$297 million from each fund.

This investment reflects the growing interest in India’s infrastructure sector, especially with the upcoming general elections.

India has been experiencing increased government spending on infrastructure projects, benefiting construction companies in various sectors.

Road-related projects accounted for 42 per cent of overall tenders in the quarter ended December 2023, up from 40 per cent the previous year.

The funds raised will be used to acquire seven road concessions in central, eastern, and southern India, expanding NHIT’s portfolio to operations on 15 toll roads.

(1 US dollar = 1.36 Canadian dollar)