CDPQ backs India’s Piramal Enterprises once again

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Caisse de dépôt et placement du Québec has invested in Indian financial and industrial group Piramal Enterprises for the second time.

The new deal continues CDPQ’s relationship with Piramal Enterprises, after they made an initial investment in 2017.

Under the deal, CDPQ will receive $250m of convertible debentures from Piramal Enterprises.

The Mumbai-based company is focused on the financial services, pharmaceutical development & manufacturing, and healthcare information management sectors.

The listed-company’s revenues reached around $1.9bn for the full year 2019, with 40 per cent being generated outside India.

“We are delighted to deepen our partnership with Piramal Enterprises, a company whose value creation approach aligns well with CDPQ’s long-term objectives and perspective as a global institutional investor,” said CDPQ executive vice-president and head of strategic partnerships, growth markets Anita George.

“This transaction further demonstrates CDPQ’s commitment to invest in different sectors of India’s economy.”

Earlier this month, CDPQ committed $50m in a Series D round for electric scooter business Bird, which gave it a $2.5bn valuation.

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