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Canadian fund manager CDPQ to infuse Rs 1,800 cr in NBFC arm of Edelweiss Group

CDPQ will partner in the long-term strategy to build a strong credit portfolio, with an increasing focus on the retail segment.

March 05, 2019 / 08:56 PM IST

Canada's institutional fund manager CDPQ will invest Rs 1,800 crore in a non-banking financial company of Edelweiss group. CDPQ Private Equity Asia Pte, a wholly owned subsidiary of CDPQ, and Edelweisss Group signed an agreement for the investment of Rs 1,800 crore ($250 million) in ECL Finance Ltd (ECL Finance), Edelweiss said in statement on Tuesday.

CDPQ will partner in the long-term strategy to build a strong credit portfolio, with an increasing focus on the retail segment, it said.

"The planned investment by CDPQ would contribute towards establishing a large and diversified credit platform in India. This proposed investment will close after customary regulatory approvals," said the statement.

The agreement with CDPQ will enable ECL Finance to capitalise on opportunities in the credit market and confirm the capability of the group to capture opportunities in the NBFC space.