Investment group La Caisse has announced that it has taken a 24 percent stake in India's largest independent telecom tower company, Altius Telecom Infrastructure Trust.

La Caisse said it has invested INR 121 billion (US$1.275bn) to snap up the stake.

Global investment firm Brookfield remains the largest investor in Altius, 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, supporting the country's mobile operators in rolling out their respective 4G and 5G networks.

Given India's vast population, the country is the second-largest telecoms market in the world behind China.

"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, 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, added: "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."