MUMBAI: OMERS Infrastructure Management, Inc., the infrastructure investment manager of OMERS, one of Canada’s largest pension funds, is the latest entrant in race to acquire road assets of debt ridden infrastructure leasing & financial services (IL&FS).Other global investors who have evinced interest for IL&FS assets include I Squared Capital-backed Cube Highways and Italian major Atlantia, according to two people aware of the development.IL&FS, struggling with a debt of Rs 91,000 crore, has 28 build-operate-transfer (BOT) projects under the listed IL&FS Transportation Networks (ITNL).If the deal materialises, it would be the debut deal of The Ontario Municipal Employees Retirement System (OMERS) in Indian infrastructure space. Early this year, Omers invested $260 million in largest mortgage lender HDFC Ltd through a preferential share sale.“OMERS is one of the firms, which has been approached. IL&FS has to raise funds to stay afloat and these operational assets are the ones, which can get traction from international strategics as well as long-term investors such as pension funds,” said a source with knowledge of the negotiations.IL&FS has approached strategic investors like Italy’s Atlantia, Europe’s largest toll road operator and Cube Highways, controlled by I Squared Capital, a private equity firm founded by former Morgan Stanley Infrastructure Fund top officials, he added.“It makes sense for OMERS as the IL&FS is looking to sell the asset at the earliest and this will definitely open a good bargain buy. Many of these assets are quality operational and profit making assets, which ideally fits into the investment strategies of OMERS and Cube,” said the source, mentioned above.When contacted, IL&FS did not offer any comments while mail sent to OMERS spokesperson did not elicit any response.The deal would be through a debt assumption as well as asset sale, whereby Atlantia will assume part of the debt as well as pay the equity money. If successful, the deal is expected to remove close to Rs 25,000 crore debt reduction in ITNL’s books.With Assets Under management worth $95 billion, OMERS’ 16% of investments belong to infrastructure sector globally. Major infra portfolio include Chicago Skyway, Associated British Ports, London City Airport, Port of Melbourne and Leeward Renewable Energy.