KKR has launched its third infrastructure investment trust in India, seeded with an initial portfolio of six road assets.
The Highways Infrastructure Trust’s (HIT) seed assets were acquired by KKR last year from Global Infrastructure Partners.
The assets, which include a diversified mix of toll and annuity roads, are located in Gujarat, Madhya Pradesh, Meghalaya, Rajasthan, Tamil Nadu and Telangana.
In addition, KKR said, HIT was considering a pipeline of acquisition targets, including through its sponsor, Galaxy Investment II, a KKR company, which had already signed “definitive agreements” to purchase more assets.
Beyond that, it is understood that the platform will also be looking for “bolt-on” opportunities to grow the fund
Hardik Shah, Partner at KKR, said: “HIT’s launch is a significant milestone for KKR’s India infrastructure strategy as we deepen our presence in this market.”
HIT adds to two existing KKR trusts in India – Virescent Renewable Energy Trust and India Grid Trust.
Collectively, the three platforms operate and manage 33 assets valued at more than US$3.8bn (€3.8bn) across 22 states and union territories across India.
“With our dedicated platforms across transmissions, roads and renewables in place, KKR is well-positioned to collaborate with sellers in the private markets and with the government through the National Monetisation Pipeline on attractive investment opportunities,” Shah said.
To read the latest edition of the latest IPE Real Assets magazine click here.
