IndInfravit Trust is an infrastructure investment trust (InvIT), set up by L&T Infrastructure Development Projects. And the company had some good news to share - it has decided to acquire five operational road projects from Brookfield Asset Management for an enterprise value of Rs.9371 crore as it seeks to expand its road portfolio.
This road portfolio comprises of three toll roads and two annuity roads with nearly 2,400 lane-kilometres in Andhra Pradesh, Bihar, Maharashtra, and Uttar Pradesh.
The deal with Canada's Brookfield will extend the infrastructure investment trust's presence into three more states, adding roads spread across 2,400 lane kilometres (kms).
It currently has a portfolio of 13 operational road assets with about 5,000 lane kms spread across five states.
Following this news, the units of the InvIT opened itself 7% higher at Rs.124.65, hitting a new 52-week high.