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Sunday, June 16, 2024

CPPIB and Cube in final round for NIIF’s Athaang road assets

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In Short:

Canada Pension Plan Investment Board (CPPIB) and Cube Highways are competing to acquire road assets from National Investment and Infrastructure Fund’s Athaang Infrastructure. The deal is expected to be worth around ₹4,000 crore. The portfolio includes five road assets covering 230 km. The growing interest in Indian infrastructure from global investors, such as Canadian pension funds, reflects the country’s rapid development in road construction.


Exciting Battleground for Road Assets!

In the bustling city of New Delhi, two giants, Canada Pension Plan Investment Board (CPPIB) and Cube Highways, are locking horns in a thrilling battle for the road assets of National Investment and Infrastructure Fund’s Athaang Infrastructure. The excitement is palpable as sources reveal that the final bids are about to hit the table any moment now!

The Showdown

Running the show is none other than JP Morgan, orchestrating a transaction with an equity value of a whopping 4,000 crore. Hold onto your seats as the final bids are anticipated to roll in within the next two weeks. With CPPIB as a heavyweight in Canada’s pension funds arena and Cube reigning as one of India’s top private toll road operators, this showdown promises to be legendary!

The enticing portfolio up for grabs boasts of five road assets stretching across a total of 230 kilometers, making it a prize worth fighting for!

Investor Frenzy

With the Indian government revving up road construction projects, investor interest is at an all-time high. A multitude of global and domestic infrastructure funds have been eyeing the deal, with big names like KKR, Spain’s Abertis, and France’s Vinci Highways vying for a piece of the action. Who will emerge victorious? Only time will tell!

Meanwhile, the National Investment and Infrastructure Fund (NIIF) sponsored by the Indian government is a key player in the investment landscape, focusing on core sectors such as transportation, logistics, green energy, and digital infrastructure. With around $5 billion in equity capital commitments across various funds, NIIF is a force to be reckoned with!

Tantalizing Offers

But that’s not all! NIIF has its sights set on offloading a majority stake in Ayana Renewable Power Pvt Ltd, attracting non-binding offers from industry giants like Oil and Natural Gas Corp. (ONGC) and Macquarie Group. The stakes are high, and the potential equity valuation of $800 million is enough to make heads turn!

Amidst all the action, Cube Highways, with a backing from investors like I Squared Capital and Abu Dhabi Investment Authority, is gearing up for a power-packed performance in the Indian road sector. And let’s not forget the Canadian pension funds, known for their patient capital approach, seizing opportunities in the Indian market. The stage is set, and the drama unfolds!

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