The Proposed Combination envisages 2452991 Ontario Limited’s (OTPP 1/Acquirer) proposed acquisition of additional unitholding of the Highway Infrastructure Trust (Target Trust).
OTPP 1 is a wholly-owned subsidiary of Ontario Teachers’ Pension Plan Board (OTPPB). OTPPB is concerned with the administration of pension benefits and investment of pension plan assets of approximately 340,000 active and retired teachers in the Canadian province of Ontario. OTPPB invests in more than 50 countries, in a broad array of assets including public equities, fixed income, credit, commodities, natural resources, infrastructure, real estate, and venture growth.
The Target Trust is an irrevocable trust settled under the Indian Trusts Act, 1882, and is registered as an infrastructure investment trust with the Securities Exchange Board of India, to carry out all the activities prescribed under the Securities Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014 (InvIT Regulations). Highway Concessions One Private Limited is the investment manager of the Target Trust in terms of the InvIT Regulations and discharges all obligations of an investment manager under the InvIT Regulations.
Detailed order of the Commission will follow.
Sourcehttps://www.cci.gov.in/media-gallery/press-release/details/426/0
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