CDPQ to Make First Transportation Investment in India

Piramal Alternative Investments to Acquire Strategic Stake in Actis-Owned Highway Concessions

MONTRÉAL and NEW DELHI, March 11, 2024 - Leading global investor CDPQ today announced its first transportation investment in India with the acquisition of a strategic stake in Actis-owned Highway Concessions One (HC1).

HC1 is a leading highway infrastructure platform in India, holding a portfolio of eight operational highway concessions with a total length of over 1,000 kilometers. The acquisition marks CDPQ's entry into India's transportation sector, a strategic move considering the country's growing economy and its commitment to sustainable infrastructure development.

CDPQ will acquire its stake in HC1 through its partnership with Piramal Alternative Investments (PAI), the private equity arm of Piramal Enterprises.
PAI will lead the transaction by acquiring a majority stake in HC1, with CDPQ investing alongside PAI as a strategic partner.
Actis will remain invested in HC1 as a minority shareholder, reflecting its continued confidence in the platform's long-term growth potential.

The transaction is subject to customary closing conditions and regulatory approvals.
Financial details of the transaction were not disclosed.