May 7, 2019 / 9:41 AM / 4 months ago

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

Workers clean photovoltaic panels inside a solar power plant in Gujarat, India, in this July 2, 2015 file photo. REUTERS/Amit Dave/Files

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

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below