Canada Fund Acquires 24% Stake in Tower Company for $1.3 Billion
MUMBAI: Canada’s La Caisse, formerly known as CDPQ, has acquired a 24% stake in Brookfield-backed Altius Telecom Infrastructure Trust for approximately Rs 12,100 crore ($1.3 billion). Brookfield and its affiliates will maintain their position as the largest shareholder with a 37% stake in the company. Other shareholders include GIC and the British Columbia Investment Management Corporation (BCI), which collectively support Altius in its operations across India.
Altius Telecom Infrastructure Trust owns and operates over 258,000 telecom towers and sites throughout the country. Emmanuel Jaclot, executive vice-president and head of infrastructure and sustainability at La Caisse, emphasized the growing demand for mobile data as India’s economy expands. He noted that the infrastructure must evolve to meet the increasing reliance on mobile connectivity, particularly as the country transitions to 4G and 5G services.
The investment aligns with Altius’ plans for an initial public offering (IPO), which is expected to raise around Rs 6,000 crore. This move will facilitate the transition from a privately listed infrastructure investment trust (InvIT) to a publicly listed entity. Altius recently filed draft IPO papers with the Securities and Exchange Board of India (Sebi). Originally named Data Infrastructure Trust (DIT), the company rebranded to Altius in 2024 following Brookfield’s acquisition of American Tower’s operations in India.
Sam Pollock, CEO of Brookfield’s Infrastructure group, stated that Altius has established a robust platform to meet the growing demand for mobile connectivity and 5G infrastructure in India. He expressed confidence in the business’s strength and highlighted La Caisse’s investment as a significant addition of a long-term institutional partner. Analysts at Crisil have indicated that telecom tower companies are set for growth in tenancy, driven by increased capital expenditure from telecom operators in the coming fiscal years.
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