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India Canada Biz Digest
(Delivering news impacting Indo-Canadian economic relations)
Issued by the High Commission of India, Ottawa
15 August - 10 October, 2020
Issue 132
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Prime Minister Modi delivers Keynote address at Invest India Conference in Canada
On 8 October 2020, Prime Minister of India, H.E Narendra Modi delivered the keynote address at Invest India Conference in Canada through video conference. PM Modi said India is undisputedly the only country shining in all their investment parameters like having political stability, investment and business friendly policies, transparency in governance, skilled talent pool and a large market. He said there is an opportunity for everyone including Institutional Investors, manufacturers, supporters of innovation ecosystems and infrastructure companies.
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India is becoming one of leading attractions for FDI. The world believes in India : Prime Minister Modi
On 3 September 2020, Prime Minister of India, H.E Narendra Modi appealed to global investors saying India has become a leading attraction for investments in his keynote address at the 3rd Annual Leadership Summit of the US-India Strategic Partnership Forum. PM Modi said all initiatives of the government have been taken keeping in mind the best global practices citing a slew of reforms favouring foreign investors.
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Prime Minister Modi offers Indian vaccine production capacity to help global community
On 26 September 2020,Prime Minister of India, H.E Narendra Modi said India’s ability to develop and distribute a Covid-19 vaccine will be used to help the world. “As the largest vaccine-producing country in the world, today I would like to give one more assurance to the global community,” PM Modi said in a pre-recorded video statement to the United Nations General Assembly, held virtually this year.
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Prime Minister Modi addresses RAISE 2020 - ‘Responsible AI for Social Empowerment 2020’
On 5 October 2020, Prime Minister of India, H.E Narendra Modi inaugurated RAISE 2020, a Mega Virtual Summit on Artificial Intelligence (AI). RAISE 2020 is a global meeting of minds to exchange ideas and chart a course for using AI for social transformation, inclusion and empowerment in areas like Healthcare, Agriculture, Education and Smart Mobility, among other sectors. He hoped the merger between social responsibility and AI would enrich AI with human touch. He said the teamwork of AI with humans can do wonders for our planet.
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High Commissioner's engagement with major stakeholders in the India-Canada commercial corridor
On 24 August 2020, High Commissioner (HC) Ajay Bisaria had a webinar with Mr. Calin Rovinescu, CEO, Air Canada. They discussed the air bubble and flights between India and Canada, challenges of visa and quarantine regimes, supply and demand shocks faced by airlines and opportunities for recovery in coming months. On 2 September 2020, HC had a virtual meeting with Mr. Sandeep Goel, President & CEO of ICICI Bank Canada. On 9 September 2020, HC met with business leaders of the pharma industry of Dr. Reddy’s Laboratories Canada Inc., Natco Pharma Canada and Auro Pharma Inc during his visit to Toronto. HC delivered opening remarks at a panel discussion “Digital Transformation of Healthcare- Future of Health” organised by the Indo-Canadian Business Chamber (ICBC) on 17 September 2020. HC visited Saskatchewan on 22nd September 2020 and met with Dr. Paul D. Hodgson, Vaccine and Infectious Disease Organization - International Vaccine Centre (VIDO-Intervac). They discussed the impressive scientific work of the Centre on COVID vaccine development. HC conveyed that India will be happy to partner Canada in this crucial area. HC also had a number of meetings in Saskatoon on 23 September 2020 with a galaxy of leaders from business, industry, academia and health. On 24 September 2020, HC attended the Banff Global Business Forum, Canada’s MiniDavos. He spoke about the India story adding that India’s peaceful rise will define its relations with the world in coming decades and will present unique opportunities to its partners.
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High Commissioner's meetings with Canadian Ministers and Premiers
On 24 August 2020, High Commissioner (HC) Ajay Bisaria had a meeting with Hon. Kerry-Lynn Findlay, Member of Parliament from Surrey-White Rock, British Columbia. They discussed the ongoing pandemic, global development and India-Canada ties. On September 3, 2020, HC had a virtual meeting with Hon. Ralph Eichler, Minister of Economic Development and Training of Manitoba Province. They discussed range of issues including India-Manitoba trade relations, Indian students in Manitoba, medical supplies from India, global supply chains, mining, minerals and agri-tech sector. On 8 September 2020, HC had a telephone conversation with Mr. Scott Moe, Premier of Saskatchwan. They discussed India-Saskatchewan bilateral trade, export of uranium, potash and agri products and cooperation in minerals and technology. On 8-11 September 2020, HC had meetings with Hon. Elizabeth Dowdeswell, Lieutenant Governor of Ontario, Hon. Maninder Sidhu, Hon.Yasmin Ratansi and Hon. Ramesh Sangha, Members of Parliament of Liberal Party and Hon. Deepak Anand, Progressive Conservative Member of Legislative Assembly of Ontario Province. On September 16, 2020, HC had a telephonic conversation with Hon. George J. Furey, Speaker of the Senate of Canada. They discussed a range of bilateral issues including ties between two parliaments, COVID situation and vaccine development. On 24 September 2020, HC had a video call with Mr. Jason Kenney, Premier of Alberta. They discussed various issues including cooperation in areas like energy, agriculture finance and IT.
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MOU signed between Zoological Survey of India & International Barcode of Life Corporation, Canada
The Zoological Survey of India (ZSI) has joined the International Barcode of Life Consortium, making India the 33rd nation to indicate its commitment to advancing knowledge of global biodiversity through DNA-based analysis. “iBOL could never achieve its goals without strong participation by India, the second-most populous nation and a country with tremendous biodiversity” said Mr. Paul Hebert, iBOL’s Scientific Director.
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Brookfield, SBI, HDFC to jointly set up asset reconstruction firm in India
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Canada’s Brookfield, State Bank of India (SBI), and finance firm HDFC are joining hands to come up with a mega asset reconstruction company (ARC), according to sources (unconfirmed). To tap the opportunities arising from increasing bad loans and stress among companies, the consortium is expected to invest up to USD 1 billion as initial equity. It is learnt that Brookfield will set up a new team for the ARC business. -------
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Canada's Ontario Teachers’ Pension teams up with Edelweiss for private debt deals in India
Canadian pension fund Ontario Teachers’ Pension Plan Board has tied up with Edelweiss Alternate Asset Advisors Ltd for a private debt platform that aims to invest USD 350 million in India. The long-term partnership will focus on “performing and distressed private credit investment opportunities” in India, the firms said in a statement. Edelweiss Alternate has four existing funds which invest in performing credit, distressedassets and infrastructure.
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India's Embassy Group in talks with Canada's CDPQ to set up office-park platform
Indian real estate developer Embassy Group is in talks with the real estate investment arm of Canada's pension fund CDPQ to set up an alternative investment fund for office parks in the country, according to sources. Ivanhoe Cambridge is set to put in roughly USD 150 million in the first phase. Ivanhoe will own 80% stake in the platform while the rest will be with Embassy, which will manage development of projects. ------------------------
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Singapore’s GIC joins Canada’s Brookfield & others as co-investor in India’s biggest PE deal
Singaporean sovereign wealth fund GIC Pte Ltd said it has teamed up with Canada’s Brookfield Asset Management Inc. and others in a USD 3.4 billion deal to buy the telecom tower assets of conglomerate Reliance Industries Ltd (RIL). RIL said the deal marked the biggest foreign investment in an Indian infrastructure vehicle. The investment comprises a portfolio of around 135,000 communication towers which forms Reliance Jio’s telecom network, GIC said.
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US-based Silver Lake's USD 1.02 billion investment in India's Reliance Retail sets stage for more
Reliance Industries (RIL) said US private equity (PE) firm Silver Lake would invest USD 1.02 billion in its subsidiary Reliance Retail Ventures (RRVL) for a 1.75 per cent stake, valuing the company at USD 61.34 billion. The fund infusion by Silver Lake in Reliance Retail, however, sets the stage for more stake sales by the company. Earlier this year, Silver Lake invested USD 1.39 billion in Jio Platforms, RIL’s digital services platform. -------------
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Walmart in talks to invest USD 25 billion in Tata Group's 'super app'
Walmart Inc is in talks with Tata Group for a potential investment of up to USD 25 billion in the Indian salt-to-software conglomerate's new "super app", according to sources (unconfirmed). According to ongoing discussions between the two companies, the super app could be launched as a joint venture between Tata and Walmart, leveraging on the synergies between Tata's e-commerce business and Flipkart, Walmart's e-commerce unit.
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US-based KKR to invest USD 754.20 million in India's Reliance Retail
Reliance Industries Limited and Reliance Retail Ventures Limited announced that global investment company KKR will invest USD 754.20 million in Reliance Retail, a Reliance Industries subsidiary. KKR’s investment will translate into a 1.28% equity stake in RRVL on a fully diluted basis. This is the second offer in two weeks by Reliance Retail after private equity giant Silver Lake Partners' investment in Reliance Retails earlier in the month of September 2020.
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General Atlantic to invest almost USD 500 million in India's Reliance Retail
General Atlantic (GA) has become the third US-based private equity investor, after KKR & Co. Inc and Silver Lake Partners, to bet on Reliance Industries Ltd.'s retail unit. “GA is thrilled to be backing Mukesh’s new commerce mission to drive substantial positive change in the country’s retail sector, which goes hand-in-hand with his vision to enable a digital India through the work of Jio Platforms," said Mr. Bill Ford, CEO at GA.
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Amazon expands with two new Fulfilment Centres in Telangana, India
Amazon India is expanding in Telangana with two new fulfilment centres (FC) in Hyderabad. “Amazon India’s continued investment in Telangana is a testimony of our business-friendly policies and provision of high-quality infrastructure,” Mr. Jayesh Ranjan, Principal Secretary of the state’s Industries & Commerce (I&C) and Information Technology (IT) Departments, said.
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Japan's Mitsubishi wins BEML contract to supply propulsion equipment
Mitsubishi Electric Corporation has been awarded a contract from Indian train builder BEML Limited to supply propulsion equipment for 80 new cars of Delhi Metro. It also noted that the Indian economy is pushing forward with a plan to improve and expand metro networks in major cities such as Delhi, Bengaluru, Mumbai, Hyderabad, Ahmedabad, Kolkata and Pune-cities with populations of at least four million as well as cities with populations from two million to less than four million.
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India's Tech Mahindra teams up with AWS to offer blockchain solutions
Indian IT major Tech Mahindra has announced a collaboration with Amazon Web Services (AWS) to build solutions based on Blockchain technology across verticals, including aviation and aerospace, telecom, and healthcare. Tech Mahindra will introduce Blockchain solutions built on Amazon Managed Blockchain to global customers using AWS and other leading organizations across the globe, it said in a statement. The collaboration is in line with Tech Mahindra's 'TechMNxt' charter.
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India's HCL Technologies to acquire Australian IT solutions company DWS
HCL Technologies (HCL) is set to acquire DWS Limited, an Australian IT, business and management consulting group. The transaction is expected to be completed in December 2020. The acquisition aims at enhancing HCL’s contribution to digital initiatives in Australia and NZ while strengthening HCL’s client portfolio across key industries. DWS has 700 employees and offices in Melbourne, Sydney, Adelaide, Brisbane, and Canberra. The company provides a range of IT services to clients across verticals.
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India is now more connected with global investment markets
As announced by the World Business Angels Investment Forum, Mr. Harsh Patel, Founder and Global CEO of the Water and Shark, has been appointed as International Partner for India. Mr. Patel is set to represent India at the Grand Assembly of the World Business Angels Investment Forum. With this new appointment, India has joined the largest forum of the world’s equity investment markets and will now be able to connect more with the global investors market.
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Atal Innovation Mission to be the tech garage of India: Amitabh Kant
Niti Aayog Chief Executive Officer, Mr Amitabh Kant stated that the government’s Atal Innovation Mission (AIM) will emerge as the technology garage of India, rolling out products and applications across sectors. He said, “We have seen some unique products which have evolved. We will take them to their delivery levels with the private sector. It’s a private-public partnership, much like we did with Aarogya Setu (app)."
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The Reserve Bank of India (RBI) to set up innovation hub for finance sector
The Reserve Bank of India (RBI) is in the process of setting up an innovation hub which will focus on future technology in the financial services space. RBI executive director Mr. T Rabi Sankar has stated that, "We would expect technology firms, financial entities, academic entities, even funding agencies, all of them to interact on this hub and start the entire process from ideation to creation to piloting of solutions."
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