Canada’s No. 2 pension fund, Caisse de depot et placement du Quebec (CDPQ), has acquired a minority stake worth US$155 million in India’s TVS Logistics Services Ltd, the privately-held company said in a statement on Wednesday.
The Canadian pension fund will buy most of the stake currently held jointly by Goldman Sachs and Kohlberg Kravis Roberts & Co, while parent TVS Group‘s management will acquire the rest.
Earlier this month, CDPQ partnered with Indian financial services firm Edelweiss Group and said it planned to invest up to US$700 million over the next four years in stressed assets and private debt opportunities in India.
CDPQ opened its first Indian office in New Delhi earlier this year to scout for investments in South Asia, and said in March it was committed to investing US$150 million in renewable energy in India.
(Reporting by Sankalp Phartiyal; Editing by Amrutha Gayathri)
Photo courtesy of Caisse de depot et placement du Quebec