Mumbai: Ajay Piramal-led Piramal Enterprises Ltd on Tuesday said it has signed an agreement with Canada's largest pension fund manager Canada Pension Plan Investment Board (CPPIB), to co-sponsor India’s first renewable energy focused Infrastructure Investment Trust (InvIT). The proposed InvIT will have an initial corpus of $600 million, and the option to scale further, Piramal Enterprises said in a filing to the stock exchanges. CPPIB and Piramal will initially allocate $360 million and $90 million, respectively. The foundation of this partnership is based on a shared ethos and values that leverage CPPIB’s global track record of value creation in the infrastructure space with Piramal Enterprises’ long term strategy and goodwill in India. We are enthusiastic about the opportunity as it is truly scalable and continue to remain committed to creating value for our shareholders," said Ajay Piramal, Chairman, Piramal Group.

Source: Mint May 07, 2019 10:30 UTC