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India Canada Biz Digest
(Delivering news impacting India-Canada economic relations)
Compiled by the High Commission of India, Ottawa
June 2024
Issue 151
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India's voice at G7: Hon'ble Prime Minister Narendra Modi's impactful visit to Italy
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India asserted its growing influence on the global stage during the G7 Summit held in Italy from June 13-15, 2024, under the leadership of Hon'ble Prime Minister of India (PM) Narendra Modi. PM's participation was marked by several key highlights, reflecting India's commitment to global issues and its role in the international community. One of the central themes of PM's address was India's perspective on various global challenges. He emphasized the country's dedication to advocating for the well-being of the Global South, highlighting India's role as a voice for developing nations. He also underscored the significance of Africa in global affairs, reaffirming India's commitment to fostering close ties and collaborative efforts with African countries.
In the realm of technology and artificial intelligence, PM spoke about India's initiatives in leveraging AI for development. He stressed the importance of ensuring transparency, security, accessibility, and responsibility in AI applications. This focus on ethical AI aligns with India's broader technological ambitions and its aim to position itself as a leader in the digital economy. Energy and climate were also prominent topics in PM's agenda. He outlined India's comprehensive approach to energy, which focuses on availability, accessibility, affordability, and acceptability. PM reiterated India's commitment to fulfilling its Climate Change Conference of the Parties (CoP) commitments ahead of schedule, showcasing India's proactive stance on climate action and sustainable development.
During the summit, PM engaged in bilateral meetings with several world leaders, including Ukrainian President Volodymyr Zelenskyy, UK Prime Minister Rishi Sunak, Japanese Prime Minister Fumio Kishida, and French President Emmanuel Macron. These discussions highlighted India's strategic partnerships and collaborative efforts on various global issues. Additionally, Modi interacted with US President Joe Biden, German Chancellor Olaf Scholz, Canadian Prime Minister Justin Trudeau, and other prominent figures, further cementing India's role in international diplomacy.
PM's engagement with world leaders and his emphasis on key global issues during the G7 summit underscored India's increasing role in shaping international dialogue and policy. This participation not only highlighted India's strategic importance but also demonstrated its commitment to contributing positively to the global community.
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Hon'ble Prime Minister meets with Prime Minister of Canada Justin Trudeau
On June 14, 2024, Hon'ble Prime Minister Narendra Modi met with the Prime Minister of Canada, Justin Trudeau, on the margins of the G7 Summit in Italy.
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The One District One Product (ODOP) initiative, implemented by the Government of India, seeks to identify and promote unique indigenous products from different districts across the country.
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India Pavilion at SIAL Canada 2024 in Montreal, Canada
SIAL Canada 2024, the largest food innovation trade show in North America, took place from May 15-17, 2024 at the Palais des Congrès in Montreal. SIAL Canada 2024 featured over 1000 exhibitors and brands from 44 countries, with an attendance of over 21,000 professionals from 77 countries. The event covered various sectors of the food industry, including retail, food service, and food processing.
On May 15, 2024, Deputy High Commissioner (DHC) Chinmoy Naik inaugurated the India pavilion at SIAL Canada 2024. He also interacted with the Indian exhibitors encouraging them to harness the unexplored market in Canada in food & beverage sector. 18 Indian companies, facilitated by India Trade Promotion Organisation (ITPO) among others, participated at the event.
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Special Virtual Industry Interaction with FICCI – 16 May 2024
On May 16, 2024, High Commission of India, Ottawa participated in the special virtual industry interaction, organised by Federation of Indian Chambers of Commerce & Industry (FICCI) aimed at further bolstering bilateral trade and business engagement between India and Canada.
High Commissioner (HC) H.E. Sanjay Kumar Verma made special remarks at the event, where discussions focused on current trends and the future scope of India-Canada trade, business opportunities, and R&D collaborations. Untapped opportunities in the present Canadian business environment for FICCI industry members were also explored. A future roadmap for bilateral economic engagements and their potential business prospects was outlined. The event featured an interactive Q&A session, High Commissioner answered questions about technology transfers, the exchange of best practices, international business protocols, key indicators in the Canadian business market, and potential collaborations in the agri-tech, fintech, and critical minerals sectors between India and Canada.
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India Pavilion at Global Energy Show 2024 in Calgary, Canada
Amitabh Ranjan, Consul (Com), Consulate General of India, Vancouver, inaugurated the India Pavilion at the Global Energy Show held in Calgary, Alberta from June 11-13 , 2024.
24 companies, under the banner of the Indian Chamber of Commerce, participated in the show. Consul (Com) visited the stalls of these Indian companies and inquired about their products. The Global Energy Show is one of North America's largest B2B exhibitions and conferences in the field of energy, with participation from more than 600 companies. On the sidelines of his visit, he also met with Mr. Rajan Sawhney, Minister of Advanced Education of the Government of Alberta.
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Air Canada expands service to India, to offer
non-stop flights from Toronto to Mumbai
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Canada's Brookfield targets USD 10 billion of
renewables under management in India
Canada’s Brookfield Asset Management, one of the world’s largest investors in renewable power and climate-transition assets, plans to expand its portfolio of renewable energy assets under management in India to more than USD 10 billion within the next three to four years. The firm said it is also exploring mergers and acquisitions in this space, as well as opportunities in electric vehicles and green hydrogen. Brookfield entered the Indian market in 2017, and now has a 25 GW portfolio across operating (8 GW), under-construction and late-stage projects. Mr. Nawal Saini, Managing Director of Brookfield’s renewable power and transition group, told The Economic Times that currently its has close to USD 3 billion of assets under management in India.
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India’s Kogta Financial raises USD 148 million
from Canada’s Ontario Teachers’ Pension Plan
Kogta Financial, a retail focused non-banking financial company (NBFC) said it raised USD 148 million in a Series E investment led by Canada's Ontario Teachers’ Pension Plan. Kogta has a strong track record of institutional backing with existing investments from funds managed by Creador IV LP (“Creador”), Morgan Stanley Private Equity Asia (“Morgan Stanley”) and Multiples Alternate Assets Private Ltd (“Multiples”). The funds raised will be used as primary capital to drive growth across its product offering and expand regional presence and will also provide partial exits to Kogta’s existing institutional investors Morgan Stanley and Creador. The NBFC functions in the secured vehicle and MSME financing space and has now expanded across 10 states in India with over 225 branches and more than 5,000 employees.
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CPPIB's credit unit has signed a USD 135 million deal to partially finance solar and wind projects in India.
US-based renewable energy (RE) company Enfinity Global Inc. announced that it has signed a deal for USD 135 million in financing for the development and construction of 1.2 GW of solar and wind projects in India. The financing is being provided by Canada Pension Plan Investment Board (CPPIB) through subsidiaries of CPPIB Credit Investments Inc., said a company statement. It added that the projects in this portfolio, spread across five states—Maharashtra, Delhi, Karnataka, Rajasthan and Uttar Pradesh—and, they are in advanced stages of development and are expected to be commissioned between 2025 and 2026. Once interconnected, they are projected to generate 2.4 GWh of clean electricity annually, enough to power over 2 million Indian homes and offset 2.6 million tonne of CO2 emission.
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India's Intellect Design Arena inks
7-year deal with Canada's Vancity
India's Intellect Design Arena Ltd. announced a 7-year partnership for Emach.AI composed digital transformation with Canada's largest community credit union Vancity. Through this deal, the Canadian multi-product financial technology company, which provides tech solutions to banks, insurance companies and credit unions, will help harness Intellect’s digital engagement platform (DEP) for retail & SME digital experience along with contextual banking experience (CBX) for commercial digital experience. Intellect Design Arena has a comprehensive portfolio of products across global consumer banking, central banking, risk & treasury management, global transaction banking and insurance and is engaged in the business of software development.
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Canada's Brookfield shines bright in India with
a 550-MWp solar park project in Rajasthan
Canada's Brookfield Asset Management has secured funding from the International Finance Corporation to build a 550-MWp solar park in India's Rajasthan state. The Canada-based group will receive USD 105 million through long-term non-convertible debentures for the project in Bikaner, which will generate electricity for commercial and industrial consumers across India.
The solar farm will be connected to India's inter-state transmission system and is expected to contribute to the country's goal of increasing its non-fossil fuel capacity to 500 GW by 2030. Brookfield plans to expand its renewable energy footprint in India, focusing on both state utility and commercial and industrial segments in the country.
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India’s Lupin launches Rymti
biosimilar Etanercept in Canada
Lupin announced the launch of Rymti, Lupin’s first biosimilar in Canada, through its partner Sandoz Canada. Rymti is indicated for the treatment of moderate to severe active rheumatoid arthritis, juvenile idiopathic arthritis, active and progressive psoriatic arthritis, severe axial spondyloarthritis, moderate to severe plaque psoriasis and chronic severe plaque psoriasis in children and adolescents. Rymti is approved for all therapeutic indications of the reference product Enbrel.
Lupin’s Etanercept was first approved for the treatment of rheumatoid arthritis by PMDA in 2019, EMA in 2020, Health Canada in 2022, and since then has offered an effective treatment option for several chronic inflammatory diseases.
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Why India ?
Land of unlimited opportunities
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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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The fifth edition of the Global Fintech Fest (GFF 2024), to be held August 28th - 30th, at Jio World Convention Centre, Mumbai, India is set to be the one-stop destination for all movers and shakers of the fintech world.
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A global event to facilitate partnerships between Indian and international businesses and investors, World Food India (WFI) 2024 is a gateway to the Indian food economy, organized by the Ministry of Food Processing Industries, Government of India.
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Ministry of Information & Broadcasting (MoIB) will be organizing the 1st World Audio Visual & Entertainment Summit (WAVES) in Goa on the sidelines of 55th International Film Festival of India (IFFI) from 21-24 November 2024.
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Connect here to Invest in India
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For information regarding
commercial queries
Please Contact:
Commerce Wing, HCI Ottawa
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