BENGALURU (Reuters) – Piramal Enterprises Ltd said on Tuesday it had signed a memorandum of understanding with Canada’s biggest public pension fund to co-sponsor a $600 million infrastructure trust focused on renewable energy.
The Canada Pension Plan Investment Board will initially contribute $360 million to the fund with Piramal adding $90 million, the Indian conglomerate said.
The remaining amount will be raised from other investors, Mumbai-based Piramal said here
CPPIB will hold up to 60 percent stake in the trust, while Piramal will own 15 percent.
Reporting By Arnab Paul in Bengaluru; editing by Gopakumar Warrier