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This article is more than 2 year old.

Edelweiss secures over Rs 1,800 crore from Canadian fund CDPQ

Edelweiss secures over Rs 1,800 crore from Canadian fund CDPQ
Diversified financial services provider Edelweiss group has said CDPQ Private Equity Asia has committed to invest over Rs 1,800 crore into its non-banking
financial arm ECL Finance.
The fresh round of investment further cements the relationship between the two entities that began in 2016 when the Canadian fund made an investment in Edelweiss ARC, the largest stressed asset player in the country.
CDPQ Private Equity Asia is a wholly-owned subsidiary of Caisse de dpt et placement du Qubec (CDPQ), the company said, adding the investment will enable ECL Finance to capitalise on opportunities in the credit market in the non-banking lending space.
"I expect this partnership to deliver tremendous value towards deepening the market and we are encouraged by this investment by CDPQ to partner with us on this journey," Edelweiss group chairman Rashesh Shah said in a statement.
The investment by CDPQ will be in three tranches, the company said, adding CDPQ will partner in the long-term strategy to build a strong credit portfolio, with an increasing focus on the retail segment.
CDPQ president and chief executive Michael Sabia said, "this new investment capitalises on solid growth in the financing demand from SMEs and residential sectors, both of which being key drivers in sustaining future growth."
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