Canada pension funds lead race for GIP’s Indian road assets
MUMBAI: Largest Canadian pension funds — Canada Pension Plan Investment Board (CPPIB) and Caisse de depot et placement du Quebec (CDPQ) — are the front runners for acquiring Indian road assets of the US-based Global Infrastructure Partners (GIP), said two people aware of the development.
Other contenders such as PiramalNSE -2.49 % and National Investment and Infrastructure Fund (NIIF) had backed out, citing high valuations. However, valuations could come down to Rs 2,600-2,800 crore from earlier expectations of Rs 3,500 crore due to subdued growth in highway traffic, said one of the persons cited above.
Highway Concessions One Private Limited (HC1), the roads platform for GIP India, consists of seven road assets with a route length of 472 km. The final buyer will be selected in the next couple of weeks.
