L&T IDPL to add two road assets to its InvIT portfolio

By Anwesha Ganguly

L&T Infrastructure Project Development Company (IDPL), a subsidiary of Larsen & Toubro, plans to soon add two of its road assets to the portfolio of its infrastructure investment fund (InvIT), Indinfravit Trust, a senior official with knowledge of the matter said.

“We plan to keep generating deal flow for the InvIT, as we see no shortage of money coming from international players. The plan is to make two operational highway projects a part of the Indinfravit soon. Seven more are in the pipeline for the next five financial years,” the official said L&T IDPL had launched its privately-placed Indinfravit Trust in May 2018 with Canada Pension Plan Investment Board (CPPIB) and German investment firm Allianz Capital Partners as anchor investors.

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CPPIB invested around 200 million Candadian dollars, picking up a 30% stake, while Allianz picked up a 25% stake in the InvIT. L&T IDPL held a 15% stake in the fund. In February, Canadian investment firm OMERS Infrastructure Management picked up a 22.4% stake in Indinfravit Trust.