11 Dec 2025

AZB, Shardul Amarchand Mangaldas and Trilegal advise on KKR acquisition of approximately ₹3,000 crore stake in National Highways Infrastructure Trust

"AZB & Partners advised KKR on its acquisition of an approximately 10% stake in National Highways Infrastructure Trust from CPPIB and OTPP for about ₹3,000 crore. Shardul Amarchand Mangaldas & Co advised CPPIB, and Trilegal advised OTPP."

AZB & Partners advised KKR; Shardul Amarchand Mangaldas & Co advised the Canada Pension Plan Investment Board (CPPIB); and Trilegal advised the Ontario Teachers' Pension Plan (OTPP). KKR has acquired an approximately 10% stake in National Highways Infrastructure Trust from CPPIB and OTPP for roughly ₹3,000 crore. The transaction transferred the minority interest in the trust from the two institutional sellers to KKR. AZB & Partners represented KKR with a team composed by: Ashwath Rau (Senior Partner, transaction lead), Atreya Bhattacharya (Senior Partner, transaction lead), Vyjayanthi Raghu (Senior Associate), Associates Shubhalakshmi Bhattacharya, Harsh Gupta, Tansa Shah and Aditya Bamb. Competition law advice was provided by Bharat V Budholia (Senior Partner), Kirthi Srinivas (Partner) and Associates Ashna Mahajan, Varnika Agarwal, Arth Doshi and Aryaman Kapoor. Capital markets aspects were handled by Janhavi Seksaria (Partner) and Mrudul Desai (Senior Associate). Shardul Amarchand Mangaldas & Co represented CPPIB. Trilegal represented OTPP with a team composed by: Vishal Sagar (Partner).
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