India's Edelweiss acquires L&T-CPPIB infrastructure project for $725 million

Edelweiss Financial Services

17/12/2022 09:59

MUMBAI, Dec 17 (Reuters) - Canadian pension fund CPP
Investments Board and construction firm Larsen and Toubro
 LART.NS  said they have sold the entire stake in their joint
venture to Indian investment firm Edelweiss for 60 billion
Indian rupees ($725.46 million)
    The joint venture called L&T Infrastructure Development
Projects Limited owned eight roads and one power transmission
asset in India.
    The deal is subject to regulatory approval and other
conditions but will give Edelweiss' platform 26 assets with a
mix of power transmission, substations and highway assets across
India
    "These assets have a proven track record of operations, are
geographically dispersed and have long residual life, which is
consistent with our investment strategy," said Sreekumar Chatra,
Managing Director at Edelweiss' Infrastructure Yield Strategy.
    CPP Investments first invested in the joint venture in 2014,
in what was the first direct private investment by a Canadian
pension fund in an Indian infrastructure company, and later
acquired a majority stake of 51% in 2019 
    ($1 = 82.7060 Indian rupees)
 (Reporting by M. Sriram; Editing by Michael Perry)
 ((Sriram.Mani@thomsonreuters.com;))