Piramal Enterprises said on Tuesday it had signed a memorandum of understanding (MoU) 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 (CPPIB) will initially contribute $360 million to the fund with Piramal adding $90 million, the conglomerate said.
The remaining amount will be raised from other investors, Mumbai-based Piramal said.
CPPIB will hold up to 60 per cent stake in the trust, while Piramal will own 15 per cent.
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