Mumbai (Maharashtra) [India], Mar 6 (ANI): Edelweiss Group has said that CDPQ Private Equity, a wholly-owned subsidiary of one of North America’s largest pension fund managers, has signed an agreement to invest over Rs 1,800 crore in its non-banking financial arm ECL Finance.
The planned investment by CDPQ will contribute towards establishing a large and diversified credit platform in India. It will enable ECL Finance to capitalise on opportunities in the credit market.
“Credit penetration in India will be the key to advancing India’s economic gains, driven by the long-term trends in the democratization of credit, rising household incomes and increased consumption,” said Rashesh Shah, Chairman and CEO of Edelweiss Group said in a statement.
“I expect this partnership to deliver tremendous value towards deepening the market and we are encouraged by this investment by CDPQ to partner with us on this journey.
“Michael Sabia, President and Chief Executive Officer at Caisse de depot et placement du Quebec (CDPQ), said: “This new investment capitalises on solid growth in the financing demand from SMEs and residential sectors, both of which being key drivers in sustaining India’s future growth.” (ANI)