India’s IndInfravit buys five road projects from Brookfield for $1.2 billion
BENGALURU, June 10 (Reuters) – IndInfravit Trust (INNF.NS) said on Friday it would acquire five operational road projects from companies owned by Brookfield Asset Management (BAMa.TO) funds as part of a a deal valued at around $1.2 billion, including debt. , as it seeks to expand its road portfolio.
The deal with Canada’s Brookfield will expand the infrastructure investment trust’s presence to three more states, adding roads spread over 2,400 lane kilometers (km). It currently has a portfolio of 13 operational highway assets with approximately 5,000 km of lane spread across five states.
Unitholders of IndInfravit include Allianz Insurance Companies represented by Allianz Capital Partners, Canada Pension Plan Investment Board and OMERS Infrastructure.
The transaction is subject to regulatory, lender and Infravit unitholder approvals.
The Indian government plans to increase spending in the current fiscal year to build public infrastructure and boost economic growth, which will be a boon for infrastructure companies. Read more
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Reporting by Nallur Sethuraman in Bangalore; Editing by Vinay Dwivedi
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