Canada’s Caisse de dépôt et placement du Québec (CDPQ) is buying a toll road in India from local developer Bharat Road Network and other shareholders for an unspecified sum, the pension fund’s first transportation infrastructure investment in the major Asian emerging market.
The acquisition of the Shree Jagannath Expressway is being made through CDPQ’s infrastructure investment fund, India Highway Concession Trust, the pension fund and Bharat Road Network say in a joint statement on January 22.
The Indian company is the biggest shareholder in the toll road, with a 40% stake. The identity of the other shareholders was not disclosed.
BRNL sells expressway in Odisha to CDPQ-owned India Highway Concession Trust ANI | Updated: Jan 21, 2021 12:07 IST
Kolkata (West Bengal) [India], January 21 (ANI): Bharat Road Network Ltd (BRNL) and its partners have signed an agreement with India Highway Concession Trust an infrastructure investment trust set up by global institutional investor Caisse de depot et placement du Quebec (CDPQ) for the sale of a build-operate-transfer road project in Odisha.
BRNL is currently the largest shareholder with a 40 per cent stake in this project.
The share purchase agreement provides for a complete transfer of ownership of Shree Jagannath Expressway, the special purpose vehicle (SPV) engaged in development, operation and maintenance of a 67-km toll road project from Bhubaneswar to Chandikhole in Odisha.
Bharat Road Network Limited (BRNL) has signed an agreement with India Highway Concession Trust, an infrastructure investment trust set up by Caisse de dépôt et placement du Québec (CDPQ), a global investor, for the sale of a BOT (build-operate-transfer) road project in the state of Odisha. BRNL is the largest shareholder, with a 40 per cent stake in the project. The share purchase agreement provides for the complete transfer of ownership of Shree Jagannath Expressway Private Limited, the special purpose vehicle (SPV) for developing a 67-kilometre toll road project from Bhubaneswar to Chandikhole, in Odisha. Project operations started in December 2011, with an initial concession period of 26 years.
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