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Ontario Teachers’ completes third investment into National Highways Infra Trust

Mumbai, March 19, 2024 - Ontario Teachers’ Pension Plan Board (Ontario Teachers’) announces today the allocation of its existing 25% stake in the follow-on unit capital raise of National Highways Infra Trust (NHIT). 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 18.2 billion / CAD 298 million for its follow-on stake. This investment, together with Ontario Teachers’ earlier investments in NHIT in 2021 and 2022, takes its total investment in NHIT to INR 36.8 billion / CAD 606 million.

NHAI as the Sponsor has also invested 15% in the follow-on capital raise, while the balance units were placed with a diversified set of foreign and domestic institutional investors comprising pension funds, insurance companies, mutual funds, banks and financial institutions. Proceeds from the subscription of units will be primarily used to pay NHAI as a concession fee to be utilized for further development of road infrastructure in India.

Proceeds from the follow-on unit capital raise will be primarily used to acquire seven additional road concessions across central, eastern, and southern India. Following this, NHIT would own, operate, and maintain a portfolio of 15 toll roads in the Indian states of Assam, Gujarat, Karnataka, Maharashtra, Madhya Pradesh, Rajasthan, Telangana, Uttar Pradesh, and West Bengal spanning a total length of 1,525 km and a concession period ranging between 20 to 30 years.

“Our investment into NHIT demonstrates Ontario Teachers’ continued support in developing high-quality road assets in India” said Debapratim Hajara, Managing Director, Infrastructure & Natural Resources, Asia Pacific, Ontario Teachers’. “The country’s road ecosystem is an important driver in supporting India’s economic growth and we are delighted to continue our partnership with the NHAI.”

Media contact information for Ontario Teachers’:

Kishor Barua. Director
Pitchfork Partners

About Ontario Teachers'

Ontario Teachers' Pension Plan Board (Ontario Teachers') is a global investor with net assets of $247.5 billion as at December 31, 2023. 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 340,000 working members and pensioners.

Our more than 450 investment professionals operate in key financial centres around the world and bring deep expertise in a broad range of sectors and industries. We are a fully funded defined benefit pension plan and have earned an annual total-fund net return of 9.3% 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 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.