Caisse de dépôt et placement du Québec (CDPQ), a Canadian pension fund manager, has inked an agreement to infuse more than 1,800 crore rupees ($253 million) in India-based ECL Finance, a non-banking financial arm of Edelweiss Group.
Edelweiss said that CDPQ is making the commitment via its wholly owned subsidiary, CDPQ Private Equity.
The planned commitment by CDPQ, to close after customary regulatory approvals, will contribute towards setting up a large and diversified credit platform in India.
The deal with CDPQ will enable ECL Finance to capitalize on opportunities in the credit market and confirm the capability of the company to capture opportunities in the non-banking financial companies space.