Piramal, CPPIB to set up renewable InvIT

Piramal Enterprises and CPPIB are planning to set up a renewable energy-focused infrastructure investment trust (InvIT). The CPPIB has committed $360 million to acquire a 60 per cent stake, while Piramal has committed $90 million to acquire 15 per cent stake. They aim to raise capital from other investors for the remaining 25 per cent. This will be the first InvIT in India with renewable energy focus. The initial corpus will be $600 million.

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