Mumbai: Canada’s largest pension fund manager Canada Pension Plan Investment Board (CPPIB) is in advanced talks to acquire 12 operating road assets of Sadbhav Infrastructure Project Ltd (SIPL), in a deal worth $400-500 million (Rs 3,000 crore), according to two persons aware of the development.
CPPIB, which has entered into exclusive talks with SIPL, will acquire Sadbhav’s road assets through the infrastructure investment trust (InvIT), floated by L&T Infrastructure Development Projects Ltd, said one of the persons cited above. CPPIB and Allianz Capital Partners own about 55 per cent of the InvIT units. InvIT was created after CPPIB bought into L&T toll road portfolio and subsequently hived it off into the independent vehicle, which is also the first private infrastructure investment trust called IndiaIndInfravit Trust.
