Ontario Teachers’ Pension Plan Board is investing $175m (€151.2m) in KKR’s road platform in India.

Bruce Crane, managing director in charge of Asia-Pacific infrastructure at Ontario Teachers’ said: “We’re delighted to further our investments in high-quality Indian infrastructure and to collaborate with KKR on creating greater connectivity, and increased opportunities, for the country via an improved roads network.”

The deal is the Canadian investor’s third infrastructure investment in India, following its investment of a 25% stake in the National Highways Infra Trust late last year. Ontario Teachers’ is also an anchor investor in the National Investment and Infrastructure Fund.

KKR’s road platform in India comprises a portfolio of 12 road assets, including six that are proposed to be acquired pursuant to definitive agreements that have been signed.

The portfolio also includes the Highway Concessions One asset which KKR acquired from Global Infrastructure Partners last year.

In total, KKR’s India road assets comprise a diversified mix of toll and annuity roads, with a total length of more than 910km across 11 states.

Hardik Shah, partner and head of India infrastructure at KKR, said: “Transportation forms an important part of KKR’s infrastructure strategy in India, where the government is focused on improving connectivity between cities and there is strong demand to expand the country’s network.

“We are delighted to extend our relationship with Ontario Teachers’ and work together to capture the strong investment interest in the sector and contribute to the development of India’s transport infrastructure.”

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