La Caisse, formerly CDPQ, is a Quebec pension investor with an office in New Delhi since 2016. It holds about C$10 billion in Indian assets, with a focus on infrastructure such as roads, renewable energy and utilities.
Ownership and structure
La Caisse invests in India from Canada through direct stakes and partnerships, supported by its New Delhi office. It became majority shareholder of Azure Power with 50.9 percent in March 2020 and holds a stake in Apraava Energy alongside CLP.
What India does for La Caisse (CDPQ)
India is a key infrastructure market for La Caisse, with holdings in renewable energy, roads, utilities, logistics and healthcare.
Investment and deals
La Caisse's investments in India stood at C$10 billion as of December 31, 2025.
La Caisse (CDPQ)'s India business
La Caisse opened its New Delhi office in 2016. Its India investments stood at C$10 billion as of December 31, 2025.
Its Indian holdings include Azure Power, Maple Highways, Apraava Energy and PharmEasy. It created a road infrastructure platform in India in 2020.
Key moves in India
- 2016: Opened its New Delhi office.
- 2016: Formed a credit partnership with Edelweiss, taking 20 percent of Edelweiss Asset Reconstruction Company and planning US$600 million to US$700 million of investment over four years.
- 2018: Agreed to acquire a 40 percent stake in CLP India for about US$364 million.
- 2020: Became majority shareholder of Azure Power with a 50.9 percent stake.
- 2020: Created a road infrastructure platform in India.
- 2025: Its India investments reached C$10 billion.
Where it operates
La Caisse (CDPQ) runs its India business from New Delhi.
At a glance
- Home country: Canada
- Global headquarters: Montreal
- Sector: Private Equity & Investments
- Business: Pension fund
- Role of India: Investment portfolio
- India head office: New Delhi
- India offices: New Delhi
- India headcount: Not available
- In India since: 2016
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