The Canada Pension Plan Investment Board is investing $60 million in an infrastructure trust sponsored by the National Highways Authority of India.

In 2021, the investment organization previously allocated $257 million to the National Highways Infra Trust during the platform’s initial public offering. Following the transaction, the CPPIB’s stake reached 25 per cent.

The investment will be used to fund the construction of three toll roads, which will be constructed on sites owned by the NHAI. The acquisition will increase the size of the NHIT’s portfolio from five to eight toll roads with a combined length of about 635 kilometres.

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“This follow-on investment further deepens our commitment to the [NHAI’s investment] platform to acquire road projects across the country, ultimately delivering solid long-term returns for the CPP fund,” said Scott Lawrence, managing director and global head of infrastructure at the CPPIB, in a press release. “We believe institutional capital will continue to play a meaningful role in addressing India’s infrastructure investment needs.”

In other investment news, the Caisse de dépôt et placement du Québec is the lead investor in a funding round for a U.S.-based vertical farming company. During the round, Soli Organic Inc. secured about $125 million. The funds will be used to expand the agriculture company’s growth strategy, which includes the development of 15 farms that will be constructed across the U.S.

Vertical farming, also known as indoor farming, involves growing crops in multiple layers within specialized buildings. “Vertical farms like Soli Organic’s are a fresh approach to grow food in a sustainable way,” said Geneviève Bouthillier, managing director of private and mid-market companies at the Caisse, in a press release.

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