Crédit Agricole CIB finances KKR’s investment in India's National Highways Infra Trust

This US$ 218 million holding company financing supports US private equity company Kohlberg Kravis Roberts & Co's (KKR) investment in National Highways Infra Trust (NHIT), a privately listed infrastructure investment trust in India.

Crédit Agricole CIB acted as a mandated lead arranger and lender in this transaction. Following its commitment to renewable energy, the road sector represents Crédit Agricole CIB's next strategic priority for project finance in India, where the Bank aims to expand by leveraging its global infrastructure expertise.

Founded in 2020 under India's National Asset Monetisation Pipeline, NHIT holds a portfolio of 26 National Highway toll road assets spanning 12 Indian states with an aggregate length of approximately 2,343 kilometers. The portfolio is expected to expand with additional asset acquisitions planned for later this year.

NHIT's investor base includes leading global institutional investors such as KKR, Ontario Teachers' Pension Plan, CPP Investment Board, along with mutual funds, insurers, and domestic pension funds.

India's road network, the world’s second largest globally at approximately 6.7 million kilometers, represents a cornerstone of the country's infrastructure development strategy. The Indian government has committed US$ 450 billion to expand roads and highways by 2030, with year-over-year traffic growth largely mirroring GDP expansion.

This sector offers significant growth opportunities, particularly given the presence of major infrastructure investors, with many being key clients of Crédit Agricole CIB.