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Highway in India

Ontario Teachers’ invests further in National Highways Infra Trust in India

MUMBAI – Ontario Teachers’ Pension Plan Board (Ontario Teachers’) is pleased to announce that it has been allocated a 25% stake in the follow-on unit capital raise of National Highways Infra Trust (NHIT). The 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 approximately INR 3.6 billion / CAD 60 million for the follow-on investment in NHIT, which, together with Ontario Teachers’ earlier investment in November 2021, takes its total investment in NHIT to approximately INR 18.6 billion / CAD 308 million. In addition to Ontario Teachers’ allocation, NHAI, as the sponsor, also invested 15% in the follow-on raise, with additional funding from a diverse selection of institutional investors.

Proceeds from the capital raise will be utilised to acquire three additional road concessions from NHAI, after which NHIT will own, operate and maintain a portfolio of eight toll roads in the Indian states of Gujarat, Karnataka, Maharashtra, Madhya Pradesh, Rajasthan, Telangana and Uttar Pradesh. The roads will span a total length of 636 km and a concession period ranging between 20 to 30 years. NHAI will use the concession fees for further development of road infrastructure in India.      

“Our continued investment in the NHIT supports the development of high-quality roads and economic growth in India,” said Bruce Crane, Senior Managing Director, Infrastructure & Natural Resources, Asia Pacific, Ontario Teachers’. “We’re delighted to further our partnership with the Government of India and build our portfolio of core infrastructure assets in the country.”

Ontario Teachers’ opened an office in Mumbai  last month to build on its existing portfolio in the country.

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.

About Ontario Teachers' Pension Plan

Ontario Teachers' Pension Plan Board (Ontario Teachers') is a global investor with net assets of $242.5 billion as at June 30, 2022. We invest in more than 50 countries in a broad array of assets including public and private equities, fixed income, credit, commodities, natural resources, infrastructure, real estate and venture growth to deliver retirement income for 333,000 working members and pensioners.

With offices in Hong Kong, London, Mumbai, San Francisco, Singapore and Toronto, our more than 350 investment professionals bring deep expertise in industries ranging from agriculture to artificial intelligence. We are a fully funded defined benefit pension plan and have earned an annual total-fund net return of 9.6% since the plan’s founding in 1990. At Ontario Teachers’, we don’t just invest to make a return, we invest to shape a better future for the teachers we serve, the businesses we back, and the world we live in. For more information, visit and follow us on Twitter @OtppInfo.