La Caisse Buys US$1.3 billion Stake in India's Tower Giant Altius
Caisse de Depot et Placement du Quebec, Canada’s second-largest pension manager, is investing 121 billion rupees (US$1.3 billion) in Brookfield Asset Management-backed Altius Telecom Infrastructure Trust, which operates more than 258,000 telecom towers in India.
La Caisse will acquire a 24 per cent stake in Altius, with Brookfield continuing as the largest shareholder, according to a media statement Wednesday. Other existing investors include GIC Pte and British Columbia Investment Management Corp.
The deal reflects growing interest among global investors for Indian infrastructure assets, with Blackstone Inc., KKR & Co. and Macquarie Asset Management ramping up investments.
Earlier this week, CPP Investments, Ontario Teachers’ Pension Plan Board, Temasek Holdings Pte, AustralianSuper and others backed the National Investment and Infrastructure Fund Ltd.’s latest fund.
La Caisse’s other India investments include Azure Power India Pvt., Apraava Energy Pvt. and Maple Infrastructure Trust. It manages US$552 billion of assets globally.
DealRoom also reports La Caisse buys 24% of India tower giant Altius for C$1.76B:
What's the deal? Canadian investment group La Caisse has acquired a 24% stake in Altius Telecom Infrastructure Trust, India's largest independent telecom tower platform, for roughly INR 121 billion (C$1.76 billion). The transaction is complete. Brookfield remains Altius' largest investor, alongside La Caisse and existing shareholders affiliated with GIC and British Columbia Investment Management Corporation (BCI).
What each side brings: Altius owns and operates more than 258,000 telecom towers and sites across India, the infrastructure that lets mobile operators deliver 4G and 5G services. La Caisse — formerly CDPQ — held C$552 billion in net assets as of June 30, 2026, and points to its existing telecom tower and digital infrastructure holdings worldwide.
Why now? India is the world's second-largest telecommunications market, and rising mobile data use and 5G rollout are driving demand for more towers. "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, La Caisse's head of infrastructure and sustainability.
What's the endgame? Brookfield, which manages over $1 trillion in assets, plans to keep backing Altius' expansion. "We will continue to support Altius' next phase of growth by deploying our owner-operator capabilities and disciplined, long-term approach to infrastructure investing," said Sam Pollock, chief executive officer of Brookfield's Infrastructure group.
The signal: The deal adds another large institutional investor to a single Indian tower platform, pooling La Caisse, Brookfield, GIC, and BCI behind the country's connectivity buildout. It signals that global infrastructure capital continues to treat India's 5G expansion as a long-term bet.
Earlier today, La Caisse announced it will invest alongside Brookfield in Altius, India’s largest independent telecom tower platform:
Global investment group La Caisse (formerly CDPQ), and Brookfield today announced that La Caisse has invested approximately INR 121 billion (CAD 1.76 billion) to acquire a 24% stake in Altius Telecom Infrastructure Trust (“Altius”), India’s largest independent telecom tower platform. With the transaction now complete, Brookfield remains Altius' largest investor, alongside La Caisse and existing shareholders who are affiliates of GIC and British Columbia Investment Management Corporation (BCI).
Altius owns and operates more than 258,000 telecom towers and sites across India, giving it a nationwide presence. The platform provides the infrastructure that enables mobile operators to deliver 4G and 5G services. India is the world’s second-largest telecommunications market, and continued growth in mobile data use and 5G is increasing the need for digital infrastructure.
“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. “This is a sector we know well through our investments in telecom towers and digital infrastructure around the world. With Altius, we are investing in an attractive market through an established platform, alongside Brookfield and other institutional partners with whom we have longstanding relationships.”
Sam Pollock, CEO of Brookfield’s Infrastructure group, said, “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. Alongside our partners, we will continue to support Altius’ next phase of growth by deploying our owner-operator capabilities and disciplined, long-term approach to infrastructure investing.”
ABOUT LA CAISSE
La Caisse has invested for over 60 years with a dual mandate: generate optimal long-term returns for its 48 depositors, who represent over 6 million Quebecers, and contribute to Québec’s economic development.
As a global investment group, La Caisse is active in the major financial markets, private equity, infrastructure, real estate and private credit. As at June 30, 2026, it held CAD 552 billion in net assets. For more information, visit LaCaisse.com, LinkedIn or Instagram.
La Caisse is a registered trademark of Caisse de dépôt et placement du Québec that is protected in Canada and other jurisdictions and licensed for use by its subsidiaries.
ABOUT BROOKFIELD
Brookfield is a leading global investment firm with over $1 trillion in assets under management that owns and operates real assets and essential service businesses that form the backbone of the global economy. We invest on behalf of institutions and individuals around the world across infrastructure, energy, private equity, real estate, and credit—sectors critical to supporting economic growth and productivity. With a heritage spanning more than a century and operations in over 30 countries, we deploy long-term, patient capital to build the foundational assets and businesses that power a more connected, resilient, and sustainable future—seeking to build long-term wealth for our clients while delivering strong risk-adjusted returns for our shareholders.
For more information, please visit our website at www.brookfield.com.
La Caisse joins Brookfield, which will remain the largest shareholder, as well as GIG and BCI, which own a minority stake in Altius.
Just a little refresher. Back in 2024, BCI put out a press release that a Brookfield-led consortium completed the acquisition of the Indian tower business of American Tower Corporation:
- To own the largest tower portfolio in India and is the largest platform globally ex-China with 257,000 telecom sites
- Telecom Infrastructure portfolio will be housed under the new brand name Altius
Data Infrastructure Trust (“DIT”), an Infrastructure Investment Trust sponsored by Brookfield Asset Management (“Brookfield”) along with affiliates of investors including British Columbia Investment Management Corporation (BCI) and GIC today completed the acquisition of 100% of American Tower’s operations in India (“ATC India”). This transaction, approved by the Competition Commission of India, comprises the buyout of approximately 76,000 communications sites in India for an enterprise value of INR 182 billion (~$2.2 billion). With this acquisition, the Brookfield-led consortium reinforces its commitment to connecting India with an expanded portfolio of 257,000 telecom sites.
DIT currently houses Summit Digitel and Crest Digitel and is managed by its Investment Manager, Data Link, an affiliate of Brookfield. With this acquisition, Summit Digitel, Crest Digitel, and ATC India will be combined under the new brand name: Altius. The new brand embodies the organization’s commitment to developing and managing the highest quality telecom infrastructure that fuels progress and innovation for connecting India. This expanded telecom infrastructure footprint will ensure Altius is well positioned to provide a broader array of solutions to India’s telecom ecosystem.
Commenting on the acquisition, Arpit Agrawal, Managing Partner, Head of Infrastructure, India & Middle East, Brookfield said, “Our expertise, rooted in our history as an owner and operator of high-quality businesses, is exemplified by our acquisition of ATC India. It complements our existing business and further strengthens our footprint, creating the largest tower portfolio in the country and one of the largest platforms globally. We are pleased to continue to support the Digital India initiative with acquisitions of scale.”
Munish Seth, Group Managing Director, Data Link, said, “We are excited to enter the next phase of growth, where our enhanced digital connectivity will play a crucial role in transforming India’s telecom infrastructure. The acquired sites diversify Altius’ revenue streams creating value for our unit holders, while our scale, operational strength, and innovative capabilities position us to meet the evolving needs of the Indian telecom market and create long-term value for all stakeholders.”
This is Brookfield’s third acquisition in the Indian telecommunications space. In 2022, Brookfield acquired a portfolio of 6,300 indoor business solution sites and small cell sites, which advances the rollout of 5G and enables telecom operators to extend their coverage capacity in difficult-to-access and dense areas. Brookfield also has a portfolio of approximately 175,000 towers that were acquired in 2020 from Reliance Industrial Investments and Holdings Limited.
In India, Brookfield has approximately $29 billion in assets under management across Infrastructure, Real Estate, Renewable Power & Transition, and Private Equity.
About Brookfield Asset Management
Brookfield Asset Management Ltd. (NYSE: BAM, TSX: BAM) is a leading global alternative asset manager with approximately $1 trillion of assets under management across renewable power and transition, infrastructure, private equity, real estate, and credit. We invest client capital for the long-term with a focus on real assets and essential service businesses that form the backbone of the global economy. We offer a range of alternative investment products to investors around the world — including public and private pension plans, endowments and foundations, sovereign wealth funds, financial institutions, insurance companies and private wealth investors. We draw on Brookfield’s heritage as an owner and operator to invest for value and generate strong returns for our clients, across economic cycles.About Data Infrastructure Trust
Data Infrastructure Trust (BSE: DATAINFRA) is an infrastructure investment trust (InvIT) set up with the objective of undertaking investment activities as an InvIT, under the SEBI InvIT Regulations and is sponsored by Brookfield Asset Management. DIT is managed by its Investment Manager, Data Link, an affiliate of Brookfield. DIT is the world’s largest telecom infrastructure platform (ex-China) and currently owns a portfolio of 257,000 telecom sites under the Altius brand.About British Columbia Investment Management Corporation
British Columbia Investment Management Corporation (BCI) is amongst the largest institutional investors in Canada, with C$250.4 billion in gross assets under management as of March 31, 2024. Based in Victoria, British Columbia, with offices in Vancouver, New York, and London, U.K., BCI manages a portfolio of diversified public and private market investments on behalf of its British Columbia public sector clients. BCI’s infrastructure & renewable resources (I&RR) program, valued at approximately C$28.1 billion, invests in tangible long-life assets in the Americas, Europe, and Asia Pacific region, including direct investments in regulated utilities, energy, telecommunications, transportation, timberlands, and agri-businesses. BCI’s I&RR program has a global portfolio with seven active investments in the Asia-Pacific region. The program continues to expand its presence in the region with the addition of this investment in Data Infrastructure Trust.
This is important to keep in mind so I can situate you as to why this is an excellent deal for La Caisse.
Of course, La Caisse is no stranger to investing in telecom tower platforms.
Recall, for example, Telus sold a 49.9% stake in cell towers to La Caisse last year for $1.26 billion (read my comment here).
In late 2024, La Caisse inked a deal with OTPP and Spark New Zealand to acquire the remaining share in its mobile towers business, Connexa (OTPP and La Caisse co-own it, read my comment here).
In 2021, La Caisse took a €1.6 billion (30%) stake in American Tower’s European business, ATC Europe, co-owning it with OMERS (read my comment here).
In short, La Caisse understands tower assets well and has a globally diversified portfolio in these assets.
So, when Brookfield came knocking with this opportunity to acquire a 24% stake in Altius, of course Emmanuel Jaclot and his team at La Caisse took it.
Sam Pollock, CEO of Brookfield’s Infrastructure business and Brookfield Infrastructure Partners, sums it up well:
“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. Alongside our partners, we will continue to support Altius’ next phase of growth by deploying our owner-operator capabilities and disciplined, long-term approach to infrastructure investing.”
For those of you who don't know, Pollock (featured at the top of this post), is the quiet billionaire who built Brookfield's infrastructure business over 30 years into the powerhouse it has become.
He actually went to school in Montreal, is a graduate of Lower Canada College |(LCC) and then went on to Queen's University to study commerce and obtained his chartered accountant designation.
What Sam Pollock and his team built at Brookfield is nothing short of incredible.
If Leo de Bever is known as the "godfather of infrastructure" because he first invested in the asset class when he was at OTPP, Sam Pollock was Mr. Infrastructure, quietly building an empire at Brookfield long before KKR, Blackstone and others got into the asset class.
So, when Sam Pollock calls you with a deal, you pick up the phone and listen carefully; he knows what he's talking about.
With this deal, La Caisse now joins Brookfield, BCI and GIC in owning a piece of India's Altius.
This is a great way to participate in that country's growing demand for connectivity.
Below, in this episode of Money Control, Munish Seth, Group Managing Director of Altius Telecom Infrastructure Trust, talks with Danish Khan about how India’s data explosion and 5G rollout are creating massive opportunities for digital infrastructure companies.
Speaking at the India Mobile Congress, he highlights the critical role of towers and data centers in connecting urban and rural India, the policy changes enabling faster network deployment, and how Altius is positioned to support telcos in scaling capacity and coverage across the country (October 2025).
Also, hear from Sam Pollock, CEO of Brookfield Infrastructure Partners, along with other Brookfield leaders, at Brookfield's 2025 Affiliate Investor Day.
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