News
Ontario Teachers’ Invests Rs 1820 cr for its Follow-on Stake in NHIT, Total Investment Stands at Rs 3,680 cr
Mumbai, March 20, 2024: Ontario Teachers’ Pension Plan Board (Ontario Teachers’), on Wednesday announced the allocation of its existing 25% stake in the follow-on unit capital raise of National Highways Infra Trust (NHIT). NHIT is an Infrastructure Investment Trust (InvIT) sponsored by the National Highways Authority of India (NHAI), the Government of India’s nodal agency for national highway development.
Ontario Teachers’ invested INR 18.2 billion / CAD 298 million for its follow-on stake. This investment, together with Ontario Teachers’ earlier investments in NHIT in 2021 and 2022, takes its total investment in NHIT to INR 36.8 billion / CAD 606 million.
NHAI as the Sponsor has also invested 15% in the follow-on capital raise, while the balance units were placed with a diversified set of foreign and domestic institutional investors comprising pension funds, insurance companies, mutual funds, banks and financial institutions. Proceeds from the subscription of units will be primarily used to pay NHAI as a concession fee to be utilized for further development of road infrastructure in India.
Proceeds from the follow-on unit capital raise will be primarily used to acquire seven additional road concessions across central, eastern, and southern India. Following this, NHIT would own, operate, and maintain a portfolio of 15 toll roads in the Indian states of Assam, Gujarat, Karnataka, Maharashtra, Madhya Pradesh, Rajasthan, Telangana, Uttar Pradesh, and West Bengal spanning a total length of 1,525 km and a concession period ranging between 20 to 30 years.
“Our investment into NHIT demonstrates Ontario Teachers’ continued support in developing high-quality road assets in India” said Debapratim Hajara, Managing Director, Infrastructure & Natural Resources, Asia Pacific, Ontario Teachers’. “The country’s road ecosystem is an important driver in supporting India’s economic growth and we are delighted to continue our partnership with the NHAI.”
-
News4 weeks ago
Godrej Properties Sells Rs 3k cr+ Homes of Godrej Zenith, Gurugram, within 3 days
-
News3 weeks ago
Noida’s High-Rise Societies Face Multiple Challenges Despite Rapid Urban Growth
-
News3 weeks ago
Olive Announces Dhruv Kalro as Co-Founder
-
News4 weeks ago
Godrej Properties Sells 5000+ Homes of Rs 9.5 cr in Q4FY24, Bookings up 84% YoY
-
News4 weeks ago
Vestian: Domestic Investors Dominate Institutional Investments in Jan-Mar’24
-
News3 weeks ago
India to become the fastest-growing silver economy, housing up to 17% of the world’s elderly population by 2050: CBRE Report
-
News4 weeks ago
HRERA Gurugram Rejects Godrej Properties’ Project Extension Application, Account Frozen For Prolonged Non-compliances
-
News2 weeks ago
SKA Forays In Luxury Housing: Launches SKA Destiny One in Greater Noida, To Invest Rs 592 Crores