Canadian Pension Giant La Caisse Acquires 24% Stake in Brookfield-Backed Altius for $1.3 Billion
MUMBAI: In a significant boost to India’s digital infrastructure landscape, Canada’s institutional investor La Caisse (formerly known as CDPQ) has announced the acquisition of a 24% stake in the Brookfield-backed Altius Telecom Infrastructure Trust for approximately Rs 12,100 crore ($1.3 billion).
This major capital infusion solidifies the financial backing behind one of India’s most critical telecom asset portfolios. Following the transaction, Brookfield and its affiliated entities will retain their position as the largest shareholder, holding a 37% stake in the trust. Other prominent institutional investors in the platform include affiliates of GIC and the British Columbia Investment Management Corporation (BCI).
Strengthening India’s Digital Backbone
Altius currently owns and operates a massive network of over 258,000 telecom towers and sites across India, providing the essential infrastructure required for mobile operators to deploy and maintain 4G and 5G services.
“As India’s economy grows and more people and businesses rely on higher use of mobile data, the infrastructure behind those connections needs to keep pace,” said Emmanuel Jaclot, executive vice-president and head of infrastructure and sustainability at La Caisse.
The investment arrives at a pivotal time for the Indian telecommunications sector. As the world’s second-largest telecom market, India is experiencing a rapid surge in mobile data consumption and an aggressive rollout of 5G technology, both of which are fueling unprecedented demand for digital infrastructure.
Strategic Timing Ahead of IPO
The deal comes just as Altius—formerly known as Data Infrastructure Trust (DIT) before its 2024 rebranding following the acquisition of American Tower’s (ATC) Indian operations—prepares to transition from a privately listed infrastructure investment trust (InvIT) to a publicly listed entity. Last month, the company filed draft IPO papers with the Securities and Exchange Board of India (Sebi), with reports suggesting the offering could raise approximately Rs 6,000 crore.
Sam Pollock, CEO of Brookfield’s Infrastructure group, welcomed the new partnership, stating, “Altius has built a scaled, nationwide platform that is in a leading position to meet India’s demand for mobile connectivity and 5G infrastructure. La Caisse’s investment brings another long-term institutional partner to the platform and reflects confidence in the strength of the business.”
A Resurgent Telecom Sector
Industry analysts see this investment as a strong validation of the tower sector’s health. According to a report by Crisil, telecom tower companies are primed for growth in tenancy over the current and upcoming fiscal years. This optimism is driven by sustained capital expenditure from major telcos as they expand their networks.
Analysts noted that a revival in spending, particularly in overlapping service circles, is expected to result in incremental tenancies at existing tower sites. This trend marks a positive shift toward improved tenancy ratios, ending a period of moderation that had persisted for several years.
As India continues its aggressive digital transformation, this high-profile investment underscores the country’s growing appeal to long-term global institutional capital looking to capitalize on the expansion of 5G and mobile connectivity.
