India`s Edelweiss acquires L&T-CPPIB infrastructure project for $725 million
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Canadian pension fund CPP Investments Board and construction firm Larsen and Toubro 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
