Allianz To Sell Stake In Indian Road Operator Interise To Canada’s Omers

(Bloomberg) -- Ontario’s pension fund for local government workers agreed to buy Allianz Capital Partners’ stake in Interise Trust, boosting its exposure to the Indian toll-road business.  

The deal will see Ontario Municipal Employees Retirement System raise its ownership to 34.8% from the current 21.3%. The transaction “increases Omers’ exposure to India’s economic growth, through an asset and sector that we know well,” Christopher Curtain, Asia-Pacific head of the pension fund’s infrastructure unit, said in a statement.

Formerly known as IndInfravit Trust, Interise is one of the largest investment trusts in India’s road sector, holding a portfolio of 17 concessions across eight states, 14 of which are toll roads. Terms weren’t disclosed.

The Toronto-based pension manager, which had C$133.6 billion ($98.4 billion) of assets under management as of June, first invested in Interise in 2019.