India's IndInfravit to buy five road projects from Brookfield in $1.2 bln deal (updated)

Interise Trust

10/06/2022 14:37

(Adds background, details)
    BENGALURU, June 10 (Reuters) - India's IndInfravit Trust
 INNF.NS  said on Friday it would acquire five operational road
projects from companies owned by Brookfield Asset Management's
 BAMa.TO  funds in a deal valued at about $1.2 billion,
including debt, as it seeks to expand its road portfolio.    
    The deal with Canada's Brookfield will extend the
infrastructure investment trust's presence into three more
states, adding roads spread across 2,400 lane kilometres (kms).
It currently has a portfolio of 13 operational road assets with
about 5,000 lane kms spread across five states. 
    IndInfravit's unit holders include Allianz insurance
companies represented by Allianz Capital Partners, Canada
Pension Plan Investment Board and OMERS Infrastructure.
     The transaction is subject to approval from regulatory
authorities, lenders and unitholders of IndInfravit. 
    The Indian government plans to step up spending in the
current fiscal year to build public infrastructure and drive
economic growth, which will be a boon for infrastructure
companies.  urn:newsml:reuters.com:*:nL4N2UC0QF

 (Reporting by Nallur Sethuraman in Bengaluru; Editing by Vinay
Dwivedi)
 ((Sethuraman.NR@thomsonreuters.com; (+91 8061822737); Reuters
Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))