CDPQ’s global chief Charles Emond to visit India next week

In an indication of India’s growing importance for the world’s largest infrastructure investor, Canadian pension fund CDPQ’s president and chief executive Charles Emond is scheduled to visit the country next week, said two people aware of the development.

Edmond is expected to meet India’s top political and business leaders as well as executives of CDPQ’s portfolio companies in the country. 

CDPQ, or Caisse de dépôt et placement du Québec’, has net global assets of $434 billion, of which $9 billion are in India. CDPQ is the majority owner of Azure Power Global Ltd and a joint owner of Apraava Energy, earlier known as CLP India. 

The Canadian firm has established the Indian Highway Concessions Trust (IHCT), an infrastructure investment trust sponsored by CDPQ-backed India-focused road-investment platform Maple Highways. 

It has also jointly invested with Piramal Asset Management in a private credit financing platform, and with Embassy Group in an office business parks investment platform. CDPQ’s other investments in the country include PharmEasy and logistics company Logos India.

“We can confirm that our president and CEO, Charles Emond, is planning to visit India next week. He will be meeting our colleagues, partners and portfolio companies, as well as other relevant stakeholders,” a CDPQ spokesperson said in an emailed response to Mint. 

CDPQ has been taking aggressive bets on the Indian economy since it set up office in the country in 2016. The firm is in exclusive negotiations to acquire five operational road projects from Ashoka Concessions Ltd in a deal having a potential equity and enterprise value of around $325 million and $700 million, respectively, Mint reported on 6 March. 

These road assets are expected to be brought under the IHCT. 

Canadian funds including Brookfield Asset Management have been placing significant bets on India despite simmering political tensions between the two countries. 

Other major Canadian pension funds that have been increasing their investments in India’s infrastructure space include Canada Pension Plan Investment Board, Public Sector Pension Investment Board, and Ontario Municipal Employees’ Retirement System. 

These pension funds represent so-called patient capital that seeks modest yields over time. India fits their risk profile given that the country’s markets have matured from the early risk stage.