The Canadian pension fund will invest a further 10 billion rupees, or a higher amount, in L&T Infrastructure Development Projects Ltd (L&T IDPL) after 12 months of the first investment, L&T said in a statement.

The Canadian fund is investing in preference shares of L&T IDPL that are compulsorily convertible into equity shares by 2018 at a valuation agreed by both sides, said L&T, adding the fund would own a minority stake in L&T IDPL after the conversion.

($1 = 59.7000 Indian Rupees)

(Reporting by Devidutta Tripathy; Editing by Anand Basu)