Canada's CPPIB opens office in India to scout for opportunities

Tue Oct 27, 2015 9:33am EDT
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TORONTO Oct 27 (Reuters) - The Canada Pension Plan Investment Board, one of the country's largest pension fund managers, opened an office in Mumbai on Tuesday as it scouts for investment opportunities on the Indian subcontinent.

CPPIB, which has already committed to invest more than $2 billion in India, sees its long investment horizon aligning with the financing needs of India's economy.

The Toronto-based fund owns a nearly 4 percent stake in Kotak Mahindra Bank, one of the largest private sector banks in India. It has also committed to investments in infrastructure projects in India, office buildings, and to providing structured debt financing to residential projects in major Indian cities.

"The opening of an office in Mumbai allows CPPIB to develop local expertise, build important partnerships and access investment opportunities that may not otherwise have been available," CPPIB head Mark Wiseman said in a statement.

(Reporting by Euan Rocha)