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Mumbai: The Public Sector Pension Investment Board (PSP Investments), one of the largest pension investors in Canada, is in preliminary talks to buy a significant minority stake in Maple Infrastructure Trust, the Indian infrastructure trust (InvIT) owned by Canadian fund CDPQ, people aware of the development told ET.
CDPQ plans to raise about $300-400 million through the latest round of fundraising and has hired Rothschild to run the mandate, ET reported last month.
Presently, Maple Infrastructure Trust has an enterprise value of about ₹16,000 crore (just shy of about $2 billion). The proposed fund will also be used to finance Maple’s recent acquisition of the toll road assets of Ashoka Concessions. Besides CDPQ, other existing investors are also likely to dilute stakes partially, said the sources cited above.
Although the sale process is not yet launched officially, a few global investors including PSP and one from the Middle East are engaged in bilateral talks with CDPQ, said sources.
With $265 billion net assets under management, PSP is also an investor in the $2.3 billion Master Fund of North Block-owned National Investment and Infrastructure Fund (NIIF). Globally, PSP invests through its road investment platform, Roadies.
In October last year, Maple Infrastructure Trust had acquired 5 build-operate-transfer (BOT) toll road assets of Ashoka Concessions, a subsidiary of Highway builder Ashoka Buildcon.
The assets were acquired at an aggregate enterprise value of ₹5,718 crore. Maple InvIT has posted an income of ₹773 crore in FY2024.
Reghu Balakrishnan Read More