Canada Pension Plan Investment Board, Toronto, and the alternative investment unit of Indian financial services firm Kotak Mahindra Group on Monday announced they had agreed to invest a combined $525 million in distressed assets in India.
The board, which manages the assets of the C$282.6 billion ($212.1 billion) Canada Pension Plan, Ottawa, could provide up to $450 million of the investment, the board said in a news release.
The co-investment with Kotak Investment Advisors, the group’s alternatives manager, is one of the first made by CPPIB since the board opened an office in Mumbai in October. That office, along with one to be opened in the next few weeks by the C$248 billion Caisse de Depot et Placement du Quebec, Montreal, in New Delhi, was part of an agreement announced April 16 between Indian Prime Minister Narendra Modi and the Canadian government.
The board has invested more than $2 billion in India since 2010.
