TORONTO — Brookfield Asset Management Inc. is selling five road projects in India valued at US$1.2 billion to an infrastructure investment trust partially owned by two Canadian pension funds.

The portfolio comprises three toll roads and two annuity roads spread across 2,400 lane kilometres.

The transaction will allow IndInfravit to expand its presence in three additional areas of India.

IndInfravit shareholders include the Canada Pension Plan Investment Board, OMERS Infrastructure and Allianz Capital Partners.

Brookfield made its first significant investment in India's infrastructure in 2015 with the purchase of six road projects and three power projects.

The deal is subject to certain regulatory and other customary conditions, including approval from IndInfravit unitholders.

This report by The Canadian Press was first published June 10, 2022.

Companies in this story: (TSX:BAM.A)

© 2022 The Canadian Press. All rights reserved., source Canadian Press DataFile