India Rising: Canadian Pension Giants to Open Mumbai Offices
Canadian Prime Minister Stephen Harper met with Indian Prime Minister Narendra Modi to work on a number of commercial agreements to facilitate trade and investment between the countries. After the election of Modi, Canadian pensions, sovereign wealth funds and private equity firms have boosted capital toward Indian companies and real estate.
Opening up Mumbai Offices
Caisse de dépôt et placement du Québec (CDPQ) announced its intentions to open an overseas office in Mumbai in 2016. CDPQ has already established overseas offices in China and Singapore. In addition, Canada Pension Plan Investment Board (CPPIB) plans to open their office in Mumbai in October 2015. In January, CPPIB hired search firm Egon Zehnder to assist in finding executives for an India team. Pension investors like the CPPIB continually search for Indian partners who have a long-term mentality and have the ability to scale up investments. In November 2013, CPPIB signed a deal with construction firm Shapoorji Pallonji Group on real estate developments.
Another notable deal is Saskatchewan-based Cameco which inked a deal with India’s Department of Atomic Energy. The deal entails Cameco in supplying 7 million pounds of Uranium to India over the next five years. Canada and India have a nuclear cooperation agreement.
“It is exciting to see the commercial deals being signed between Canadian and Indian firms today, which will generate jobs and economic growth in both countries. The untapped trade potential between Canada and India is enormous. Canada has what India needs and vice-versa. Recognizing this, Prime Minister Modi and I are busy working to advance bilateral agreements that will further increase two-way trade and investment flows.” said Prime Minister Harper in a press release.
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