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India’s Piramal, Canadian pension fund set up renewable energy trust


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

 

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