Canada's Giant Pension, Caisse Invests in India's Financial Services?

From Pension Pulse:

Benefits Canada reports, Caisse to invest in Indian financial services company:

The Caisse de dépôt et placement du Québec is investing about US$250 million in ECL Finance Ltd., the non-banking arm of Edelweiss Financial Services.

The investment is intended to enable ECL Finance to capitalize on opportunities in the credit market and bolster the group in capturing opportunities in the non-banking financial company space, according to a press release. Currently, the business operates with a credit book of about US$4.2 billion, serving both wholesale and retail finance segments.

“We’re glad to strengthen and expand our partnership with Edelweiss Group, with whom we share a common mindset and who has one of the most innovative credit investing platforms in India,” said Michael Sabia, president and chief executive officer at the Caisse.

The pension fund’s partnership with the Edelweiss Group began in 2016 with a significant investment in Edelweiss ARC, India’s largest asset reconstruction company.

“Credit penetration in India will be the key to advancing India’s economic gains, driven by the long-term trends in democratization of credit, rising household incomes and increased consumption,” said Rashesh Shah, chairman and chief executive officer of the Edelweiss Group. “I expect this partnership to deliver tremendous value towards deepening the market and we are encouraged by this investment by [the Caisse] to partner with us on this journey.”

Kirk Falconer of PE Hub Network also reports, CDPQ to partner with Edelweiss in Indian credit platform:

Caisse de dépôt et placement du Québec (CDPQ) has agreed to invest about US$250 million in ECL Finance Ltd, a non-banking financial company affiliated with Indian financial services provider Edelweiss Group....

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