Piramal, CPPIB to set up renewable-focused InvIT

Piramal Enterprises and Canada Pension Plan Investment Board (CPPIB) will set up a renewable energy-focused Infrastructure Investment Trust (InvIT). CPPIB is committing $360 million and will hold up to 60 per cent stake while Piramal will commit $90 million and hold 15 per cent. They aim to raise capital from other investors for the remaining 25 per cent. This will be the first InvIT in India with a renewable energy focus. The initial corpus will be $600 million.