Project Financing

Allianz Buy Majority Stake In India’s First Private Infrastructure Trust (InvIT)


Allianz Capital Acquires 25% Stake In IndInfravit

MUMBAI: Allianz Capital Partners (ACP) has acquired a 25% stake as an anchor investor in IndInfravit Trust (“IndInfravit”), a private Infrastructure Investment Trust (“InvIT”), on behalf of the Allianz insurance companies, said two people familiar with the matter.

Ambit Capital helped arranging the deal. Ambit Corporate Finance acted as the solo financial advisor to ACP for this transaction.

“This is the first private InvIT in India and this is also ACP’s first direct infrastructure investment in India,” said Rahul Mody, managing director & head of infrastructure at Ambit.

IndInfravit will be listed on both stock exchanges including: NSE and BSE.

ACP is the in-house asset manager for alternative investments of the Allianz Group with an AUM of over Euro 23 bn. It focuses on investing in infrastructure, private equity, and renewables. The Allianz Group is one of the largest insurance companies and asset managers globally with the market capitalization of Euro 88 bn.

IndInfravit is sponsored by L&T Infrastructure Development Projects. L&T IDPL is a leading developer of infrastructure projects in India with a main focus on the road and electricity transmission sectors. L&T IDPL is owned by L&T and Canada Pension Plan Investment Board (“CPPIB”).

IndInfravit will initially acquire five operational toll road assets constructed by L&T IDPL and spread across four states – Karnataka, Telangana, Tamil Nadu and Rajasthan. IndInfravit will look forward to further invest into Indian road infrastructure and grow the platform.