Canada Pension Plan Investment Board and Allianz, as anchor investors, have acquired a majority stake in the first private infrastructure investment trust in India.

CPPIB said it will invest C$200m (€130.8m) for 30% of IndInfravit Trust and Allianz Capital Partners (ACP) will buy 25% stake.

L&T Infrastructure Development Projects (L&T IDPL), IndInfravit’s sponsor, will hold 15%. The remaining stake will be held by other local and international institutional investors.

L&T IDPL will act as the investment manager for the trust.

IndInfravit will be listed on the National Stock Exchange of India and BSE Limited (BSE).

IndInfravit will initially acquire five operational toll roads and plans to grow in the future through additional investments in road infrastructure in India.

Scott Lawrence, a managing director and global head of infrastructure, CPPIB, said: “This investment allows CPPIB to deepen our relationships with Allianz Capital Partners and L&T IDPL and demonstrates our commitment to investing in India.”

In August last year, ACP and CPPIB joined to invest in Gas Natural Fenosa’s gas distribution business in Spain. In 2014, CPPIB also invested in L&T IDPL.

Christian Fingerle, the chief investment officer at ACP, said: “This investment marks a key milestone for us, as it is ACP’s first direct investment in Asia.

“Infrastructure is a key driver of India’s economy and it is well served by a reliable fiscal and legal policy framework that attracts long-term investors such as ourselves. As such, it fits in with our investment strategy of specializing in core infrastructure assets in attractive markets.”