Indian-based infrastructure conglomerate IndInfravit Trust, whose owners include the Canada Pension Plan Investment Board and the infrastructure investment arm of the Ontario Municipal Employees’ Retirement Plan, is buying nine operational road projects from Sadbhav Infrastructure Project Ltd.
The portfolio of roads, which was valued at more that $66 million rupees, or about $1.2 billion, includes seven toll roads and two annuity roads, totalling 2,619 kilometres through five Indian states. Subject to customary regulatory approvals, IndInfravit will pay for the portfolio with both cash and units of its trust, with the caveat that the number of units can’t result in Sadbhav owning in excess of 10 per cent of the trust.
Read: OMERS investing in Indian toll-road concessions
“We are proud to support this further growth of the IndInfravit platform, and look forward to working with our fellow unit-holders and Sadbhav to create additional value together,” said Ralph Berg, executive vice-president and global head of OMERS Infrastructure, in a press release.
The CPPIB noted it anticipates its financial commitment to the transactions to be up to $220 million. “Our investment in IndInfravit Trust reflects our long-term confidence in the Indian infrastructure market and our belief in the ability of these toll roads to deliver strong risk-adjusted returns,” said Scott Lawrence, managing director and head of infrastructure at the CPPIB.
Read: CPPIB invests additional $320 million in Indian renewables company
In other investment news, the Caisse de dépôt et placement du Québec, together with Inovia Capital and Investissement Québec, is buying $33 million in new equity from AlayaCare and secured $18 million in stock from existing shareholders.
Founded in Canada in 2014, AlayaCare provides business management solutions for home and community care agencies. Its services include client and family portals, remote patient monitoring, telehealth applications, as well tools to help mobile care workers.
“AlayaCare brings significant quality-of-life improvements by enabling patients to receive health care at home,” said Charles Émond, executive vice-president and head of Quebec investments and global strategic planning at the Caisse, in a press release. “Home care solutions are especially adapted to elderly patients, who represent an increasing share of health-care beneficiaries. AlayaCare tech integration solutions save precious time for practitioners by automating clerical tasks.
“CDPQ is proud to embark on the next chapter of AlayaCare’s success story and contribute to one of the country’s leading health tech companies.”
Read: Caisse investing in Canadian digital health-care platform