Ontario Teachers’ completes fourth investment into National Highways Infra Trust
Mumbai - Ontario Teachers’ Pension Plan Board (Ontario Teachers’) today announced its participation in the latest follow-on unit capital raise by National Highways Infra Trust (NHIT), maintaining its 25% stake. NHIT is an Infrastructure Investment Trust (InvIT) sponsored by the National Highways Authority of India (NHAI), the Government of India’s nodal agency for national highway development.
Ontario Teachers’ invested INR 20.8 billion / CAD 344 million in this round. Combined with its earlier investments in NHIT in 2021, 2022 and 2024, this brings Ontario Teachers’ total investment in NHIT to INR 57.6 billion / CAD 950 million.
Proceeds from the follow-on unit capital raise will be primarily used to acquire 11 additional road concessions across north, central, and south India and to pay a concession fee to NHAI to be utilized for further development of road infrastructure in India. Following this, NHIT will own, operate, and maintain 26 toll roads in the Indian states of Gujarat, Rajasthan, Telangana, Karnataka, Uttar Pradesh, Madhya Pradesh, Maharashtra, Assam, West Bengal, Andhra Pradesh, Uttarakhand, and Chhattisgarh, spanning a total length of over 2,300 kms with concession periods ranging between 20 to 30 years.
NHAI, as the sponsor, invested 15% in the follow-on raise. The remaining units were placed with a diversified set of foreign and domestic institutional investors, including pension funds, insurance companies, mutual funds, banks and financial institutions.
“Our continued investment in NHIT reflects our long-term commitment to India’s infrastructure growth story” said Deb Hajara, Managing Director, Infrastructure & Natural Resources, Asia Pacific, Ontario Teachers’. “We’re pleased to partner once again with NHAI to help expand and modernize the country’s road network, an essential enabler of economic development and regional connectivity.”
About Ontario Teachers'
Ontario Teachers' Pension Plan Board (Ontario Teachers') is a global investor with net assets of $266.3 billion as at December 31, 2024. Ontario Teachers' is a fully funded defined benefit pension plan, and it invests in a broad array of asset classes to deliver retirement security for 343,000 working members and pensioners. For more information, visit otpp.com and follow us on LinkedIn.
About National Highways Authority of India
NHAI is an autonomous authority of the Government of India (GoI) under the Ministry of Road Transport and Highways constituted on June 15, 1989 by an Act of the Indian Parliament titled - The National Highways Authority of India Act, 1988. It plays a strategic role in GoI initiatives for growth & development of the Indian highway sector, and acts as the nodal authority for implementation of National Highway projects developed through public or private agencies.
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