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India Canada Biz Digest
(Delivering news impacting India-Canada economic relations)
Compiled by the High Commission of India, Ottawa
July 2021
Issue 137
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PLI Schemes worth USD 26 billion covering 13 sectors will be operationalized in the next 5 years: Minister Piyush Goyal
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On 24 July 2021, Mr. Piyush Goyal, Commerce and Industry Minister, Government of India while addressing the Plenary Session of CII- Horasis India Meeting 2021 on India’s Emerging Industry & Trade Architecture applauded the progress in the country's startup arena as India has 15 more unicorns in the H1 2021. He stated that Indian startups are more than commercial success stories and they are key to India’s transformation.
He added that under PM Modi, India decided to revolutionise its manufacturing sector by bringing the PLI Scheme - to produce national manufacturing champions in each sector. It may be noted that the Centre has announced the PLI Schemes worth USD 26 billion covering 13 sectors in the 5 years. PLI scheme aims to transform India into a powerhouse of leading industries in post Covid world.
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High Commissioner's engagement with major stakeholders in the
India-Canada commercial corridor
High Commissioner (HC) Ajay Bisaria had a virtual meeting on 3 June, 2021 with representatives of Healthcare of Ontario Pension Plan (HOOPP) and Invest India. Overview of Indian eco-system and sectorial opportunities in India were discussed. On 4 June, 2021 HC had a virtual meeting with Mr. Brad Sorenson, CEO, Providence Therapeutics. Mutual cooperation in healthcare sector was discussed. On the same day, HC participated in the Indo-Pacific Region Dialogue organised by C-IBC (Canada India Business Council). On 8 June 2021, HC made a keynote address at a session titled ‘Charting the future of India - Canada Relations’ as part of Ambassador series organised by leading public policy body Ananta Aspen Centre. On 9 June 2021, HC had a virtual meeting with Mr. Shuvaloy Majumdar, Representative for 101 Therapeutics. On 18 June 2021, HC delivered opening address in a webinar titled 'Integrative approach to Medicine in Health & Wellness'. On 23 June 2021, HC delivered a keynote address at an event organised by Startup Reseau. Bilateral investment in startup eco-system and enterprise sponsored accelerator programs were discussed. On 5 July 2021. HC held a virtual discussion with Mr. Mr. Kevin Strain, CEO, Sunlife. Insurance landscape, post-Covid economy drivers and other investment opportunities in India were discussed. On 13 July 2021, HC participated in the webinar organised by Invest India on PLI Schemes and its benefits in India. On 20 July 2021, HC held a virtual meeting with WTC (World Trade Center) Mumbai on the upcoming bilateral exhibition on "Trade and Business Opportunities between India and Canada." On the same day, HC also held a series of in-person meetings with relevant stakeholders in the India-Canada commercial corridor during his visit to British Columbia. HC and Consul General (CG) of India in Vancouver Mr. Manish held a business discussion with Mr. Peter Dhillon, President & CEO, Richberry Group of Companies. HC and CG held candid and frank discussions on India-Canada economic partnership with Mr. Jim Pattison, Owner, CEO and Chairman of Jim Pattison Group and prospects of his company doing business with India. HC and Mr. Ajay Patel, President and CEO of Vancouver Community College exchanged views and ideas on strengthening India-Canada education cooperation through skill training and mobility of students in pandemic times. HC had a productive exchange of views with Vancouver Airport President & CEO Ms. Tamara Vrooman on start of India-Canada direct air connectivity, mobility of Indian students & Air India future plans. On 21 July 2021, HC and CG met with SFU President Dr. Joy Johnson and reviewed India-SFU Education partnership, strategy for Indian student mobility to Canada in COVID times, startup & innovation and other academic exchanges. On the same day, HC held a meeting with Canfor Senior Vice President, Sales and Marketing Mr. Kevin Pankratz and discussed India's growth story, post COVID and prospects of lumber business with India. On 27 July 2021, HC interacted with Mr. Eme Onuoha, Director, Global Public Affairs, CPPIB. The pension funds' India investment portfolio and other potential opportunities were discussed. On 30 July 2021, HC delivered a keynote address in a webinar discussion titled 'Indo-Canada HealthTech Corridor' organised by Mr. Srikant Sastri, President, TiE Delhi-NCR, Prof. Bandyopadhay, IIT Kanpur, Ms. Anita George, Executive Vice-President, CDPQ India and others.A holistic roadmap for India-Canada collaboration in the healthcare sector was discussed.
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Networking event with Indo-Canadian CEOs of companies in Greater Vancouver
High Commissioner of India to Canada Mr. Ajay Bisaria along with Consul General of India in Vancouver Mr. Manish held a Business Roundtable Networking event with Chief Executive Officers of prominent companies of Indian heritage in Canada on 21 July 2021. The Business Roundtable Networking event provided immense opportunities to both sides to discuss bilateral trade, commerce, investment, mobility and other issues of interest. The High Commissioner gave detailed overview of strategic relations between India and Canada and the focus on trade and investment. He also briefed the CEOs about the COVID-19 pandemic situation in India and the fastest recovery after the pandemic. Consul General Mr. Manish, while welcoming the CEOs, also appreciated their role in enhancing bilateral and economic relations between India and Canada.
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Workshop on Investment Opportunities in India
The High Commission of India, Ottawa in association with SBI (State Bank of India), Canada, ICOBC (Indo-Canada Ottawa Business Chamber) and Invest India hosted a virtual business workshop titled “Investment Opportunities in India for small scale investors from Canada” on 23 July 2021. The objective of the conference was to provide the small-scale investors [especially PIOs (Person of Indian Origin) and NRIs (Non-resident Indian)] from Canada an excellent platform to gain greater insight regarding investment opportunities in MSMEs in India and also deliver detailed information on the available financial instruments and banking offers to interested Canadian investors.
The High Commissioner of India to Canada, Ajay Bisaria inaugurated the event and made a panel address on the significance of India-Canada investment partnerships, especially in MSME sector and stressed upon the importance of boosting investment initiatives and visibility of opportunities in India in addition to fostering networks with local industry associations and trade chambers in Canada. He also gave a snapshot of tax regimes, investment regulations and other investment guidelines in India relevant to the small-scale investors in Canada.
SBI, Canada made a presentation highlighting the various challenges and opportunities that the banking sector provides to the investors in Canada for financial transactions and investment. Invest India, gave an overview of exciting new investment opportunities and instruments that are available to PIOs, NRIs and other small-scale investors in Canada for investing in India.
The event was moderated by the Deputy High Commissioner of India to Canada, Anshuman Gaur and saw participation of over 70 relevant interested stakeholders in the India-Canada investment corridor.
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Canada and India basically have a very positive partnership with creative ways of cooperating :
High Commissioner of India to Canada
Follow this link for the full interview
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New Canada-India partnership supports student mobility in water management, infrastructure, and public health sectors
On 16 July 2021, Mitacs and IC-IMPACTS (the India-Canada Centre for Innovative Multidisciplinary Partnerships to Accelerate Community Transformation and Sustainability) signed a three-year agreement to support research collaborations in sectors of mutual interest, including integrated water management, safe and sustainable infrastructure, and public health. Distinguished speakers and guests from both India and Canada participated in the signing ceremony. The High Commissioner of India to Canada, Ajay Bisaria also attended the event virtually.
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Canada's CPPIB invests USD 800 million in India's Flipkart Group
On 12 July 2021, Canada Pension Plan Investment Board (CPP Investments) announced that it has invested USD 800 million in the Flipkart Group (Flipkart), one of India’s leading digital commerce companies. Flipkart has raised USD 3.6 billion in the current funding round, led by CPP Investments, Walmart, GIC and Softbank. The Flipkart Group is one of India’s leading digital commerce entities and includes group companies Flipkart, Myntra, Flipkart Wholesale and Cleartrip.
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India's Mphasis to set up Canadian headquarters in Calgary
India-based Mphasis has formed a partnership with the University of Calgary and the provincial government to establish the Quantum City Centre of Excellence, which is intended to become a hub for companies pursuing the commercial development of quantum technologies. technology firm plans to create up to 1,000 jobs as it sets up its Canadian headquarters in Calgary, officials announced on 02 June 2021. "Thanks to the people and technology cultivated at Quantum City, Calgary's economy will grow and diversify. Quantum technologies often sound like science fiction today, but they will sound like paycheques tomorrow," said U of C President Ed McCauley.
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Tata group to enter sat broadband market with Canada’s Telesat in India
The Tata group and Canadian satellite communications services provider Telesat are in the process of finalising their strategy to take a slice of the satellite broadband market in India as the country is set to announce its policy for allowing private players in the segment. There is a growing interest in this market from other big players including Elon Musk’s Starlink, Jeff Bezos’s Project Kuiper and Sunil Bharti Mittal-backed One Web. Tata group entity Nelco had announced a partnership with Telesat in September 2020 with an aim to offer enterprise broadband services based on Telesat’ s Low Earth Orbit (LEO) satellites.
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USA's KKR pays USD 625 million for majority stake in India's Vini Cosmetics
Global investment giant KKR has bought a majority stake in personal care company Vini Cosmetics, the maker of Fogg deodorants, from its founders and venture capital firm Sequoia Capital for USD 625 million. This is the largest private equity (PE) control deal in the space in India. The founder group, led by Chairman and Joint Managing Director Darshan Patel and Joint MD Dipam Patel, will continue to hold a significant stake in Vini and work with KKR in the next phase of the company’s growth, KKR said in a statement. In addition, existing investor WestBridge Capital will increase its holding in Vini from 21 per cent to 23 per cent.
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USA's KKR acquires seven highways assets from global infrastructure partners in India
KKR, a global investment firm, on 5 July 2021, announced the signing of definitive agreements under which KKR will acquire Global Infrastructure Partners’ (“GIP”) entire interest in Highway Concessions One (“HC1”) and seven highway assets with a total length of 487 kilometers. HC1 is a platform in India that manages GIP’s road portfolio which spans across seven states. This latest infrastructure investment is also in line with the Government’s focus on improving connectivity between cities, with the National Highways Authority of India planning to build 60,000 kilometers of highway in the next five years.
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US solar firm plans USD 300 million investment in India
Bill Gates’ Breakthrough Energy Ventures-backed 1366 Technologies plans to invest USD 300 million to establish a 2-gigawatt (GW) solar wafer and cell manufacturing facility in India under the production-linked incentive (PLI) scheme of the Government, said Chief Executive and Founder Frank van Mierlo. The US-based company is in talks for an Indian partner, which will handle the module manufacturing part of the production chain and use the equipment to set up solar farms in India. In addition to Breakthrough Energy Ventures as the largest investor, 1366 Technologies also has North Bridge Venture Partners and Polaris Partners as investors.
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UK-based Tide forays into India, commits
USD 135 million investment
On 30 June 2021, Tide, an UK-based firm announced its entry into the Indian market, by committing an investment worth USD 135 million over the next five years, to focus on offering administrative and financial solutions to small businesses. The company intends to assist small and medium-sized enterprises (SMEs) starting from incorporation to routine conduct of business in a compliant way. In the next five years, the company targets to have 2.5 million SMEs as clients. Mr. Gurjodhpal Singh, Chief Executive Tide India, stated that the company has raised a capital of GBP 100 million (USD 135 million) and has been gaining substantially from its operations in the UK.
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India among fast-growing markets: Google Cloud CEO
Google Cloud brought together some of the biggest names in technology on 15 July 2021 by announcing its second cloud region in India, a demonstration of how rapidly the cloud is growing and how important India is as a market for global cloud players. Google Cloud CEO Thomas Kurian, who has been credited with revitalizing Google Cloud since taking over the division in January 2019, said India is one of the fastest growing countries for its business at the global level. The new Google Clouds cloud region is located in Delhi-NCR. Cloud regions are data centers that offer a full range of cloud services and solutions. Google launched a cloud region in Mumbai in 2017.
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From China to Noida, India: Samsung shifts display manufacturing unit
Electronics major Samsung has completed the construction of the display manufacturing unit that is shifted from China to Noida in Uttar Pradesh. A delegation of Samsung led by the company’s Southwest Asia President & CEO Ken Kang called upon Uttar Pradesh Chief Minister Yogi Adityanath on 20 June 2021. The delegation said that owing to the better industrial environment and investor-friendly policies, Samsung decided to establish the Display Manufacturing Unit, which was located in China, in Noida, and the work of establishing it has been completed, an official release said.
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Global PE firms eye India's auto components sector
Top private equity (PE) firms such as Temasek, Blackstone, Goldman Sachs, Samara Capital, and Baring Private Equity Asia are actively exploring investment opportunities in India’s auto parts manufacturing sector. These firms are convinced that India’s auto parts industry has long-term potential to provide to the local markets and overseas. Thus, companies are focusing on investing on the low market valuations of most of these auto parts vendors due to COVID-related uncertainties to purchase minority or controlling stakes. These firms are looking for makers of parts for internal combustion engine vehicles, and electric mobility.
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Unpacking India's brave fight against COVID-19
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Prime Minister Modi addresses CoWIN Global Conclave 2021
On 5 July 20221, Prime Minister (PM) Narendra Modi addressed the CoWin Global Conclave as India offered CoWIN platform as a digital public good to the world to combat COVID19.
The Prime Minister began with conveying his condolences for all the lives lost to the pandemic, in all the countries. Underlining India’s commitment for sharing experiences, expertise and resources with the global community, the Prime Minister also expressed India’s eagerness to learn from global practices. Emphasizing the importance of technology in the fight against pandemic, PM said that software is one area in which there are no resource constraints. That's why India made its Covid tracking and tracing app open source as soon as it was technically feasible. He pointed out that with nearly 200 million users, the 'Aarogya Setu' app is a readily available package for developers. Having been used in India, PM told the global audience, you can be sure that it has been tested in the real world for speed and scale.
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Canadian firm ties up with Indian company for COVID vaccine production
Providence Therapeutics, headquartered in Calgary in the province of Alberta, has struck a deal with Biological E for transfer of technology from the Canadian company, while it will sell 30 million doses of its vaccine candidate, called PTX-Covid19-B.
“This sale represents the sale of all the remaining 2021 Providence production, plus a portion of the early 2022 Providence production, after accounting for the first sale of Providence vaccines to the Province of Manitoba, Canada,” a joint statement from the two companies said.
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Please visit the new business website of the Ministry of External Affairs (MEA)
www.indbiz.gov.in
The website aims to provide critical and relevant information on major economic indicators, central and state government policy updates as well as the latest business news and trade data. It aims to be a one-stop source of business information on India for readers, foreign enterprises and businesses, Indian business houses looking to expand their global footprint and State Governments for choosing their partners abroad for investment, technology cooperation and state/city partnerships and to encourage trade and tourism.
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For latest India monthly economic reports :
Released by Department of Economic Affairs (Ministry of Finance, India)
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Upcoming Business/Trade Events in India
For all the relevant updates and information regarding International Trade Events/Business Seminars in India
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