MUMBAI: Canadaโs La Caisse (formerly CDPQ) has bought a 24% stake in Brookfield-backed Altius Telecom Infrastructure Trust for about Rs 12,100 crore ($1.3 billion). Brookfield and its entities will remain the largest shareholder in the company with a 37% stake.Affiliates of GIC and British Columbia Investment Management Corporation (BCI) are the other shareholders of Altius which owns and operates more than 2,58,000 telecom towers and sites across India.โAs Indiaโs economy grows and more people and businesses rely on higher use of mobile data, the infrastructure behind those connections needs to keep pace,โ said Emmanuel Jaclot, executive vice-president and head of infrastructure and sustainability at La Caisse. Altius provides the infrastructure that enables mobile operators to deliver 4G and 5G services. India is the worldโs second-largest telecommunications market, and continued growth in mobile data use and 5G is increasing the need for digital infrastructure.The deal comes ahead of Altiusโ planned IPO which could raise about Rs 6,000 crore and transition from a privately listed infrastructure investment trust (InvIT) to a publicly listed InvIT. Last month, the company filed draft IPO papers with markets regulator Sebi.Initially operating as Data Infrastructure Trust (DIT), it was rebranded as Altius in 2024 following the acquisition of American Towerโs (ATC) operations in India by a Brookfield-led consortium.โAltius has built a scaled, nationwide platform that is in a leading position to meet Indiaโs demand for mobile connectivity and 5G infrastructure. La Caisseโs investment brings another long-term institutional partner to the platform and reflects confidence in the strength of the business,โ said Sam Pollock, CEO at Brookfieldโs Infrastructure group. โAlongside our partners, we will continue to support Altiusโ next phase of growth.โTelecom tower companies are poised for growth in tenancy this fiscal and the next, driven by continued capital expenditure by telcos, analysts at Crisil said in a June report.Additionally, revival in capex by select telcos, particularly in overlapping circles, will translate to incremental tenancies at existing tower sites, leading to improvement in the tenancy ratio in this fiscal and the next, after years of moderation.