October 03, 2016 - 8:30 AM
MONTREAL - Quebec pension fund manager Caisse de depot said it plans to invest US$600 million to US$700 million over fours years in India after partnering with Indian financial services company Edelweiss Group.
The partnership will invest in stressed companies that can be turned around by restructuring debt, while also financing Indian entrepreneurs and companies.
Caisse CEO Michael Sabia says it's looking for growth by participating in the emergence of innovative and successful businesses in one of the largest developing countries in the world.
He says India is "an exceptional country to invest in" because of the quality of investment opportunities and the government's plans to pursue economic reforms such as bankruptcy legislation.
Caisse, which opened an office in March in New Delhi, will also hold a 20-per-cent stake in Edelweiss, which has about US$4.5 billion in assets under management.
News from © The Canadian Press, 2016