Canada sees scope for more investments in India after Fairfax-IDBI bank deal, says Minister Sidhu
Canada's Minister of International Trade has noted the investment potential between Canada and India in infrastructure development. Following IDBI Bank's sale, Canadian companies aim to expand their presence in key sectors. The need for building additional airports in India presents opportunities for Canadian expertise in infrastructure and aviation. Canadian pension funds are also participating…
Canada's Minister of International Trade, Maninder Sidhu, has expressed optimism about potential investments between India and Canada following the Union Cabinet's approval of IDBI Bank's strategic sale to Fairfax Financial Holdings. The minister emphasized the role Canadian companies, institutions, and pension funds could play in India's infrastructure development, particularly in sectors such as infrastructure, aviation, energy, and critical minerals.
Sidhu praised Canadian involvement in infrastructure projects, including highways in India, and highlighted the strong economic complementarities between the two countries. He noted that India aims to build 100 additional airports, which could benefit from Canada's aerospace industry expertise. Additionally, Canada's pension funds have participated in infrastructure projects, including highways, further underscoring the potential for cooperation.
The strategic sale and restructuring of IDBI Bank, valued at Rs 52,878 crore, marks a significant step in India's banking-sector disinvestment efforts. The transaction, which includes Life Insurance Corporation of India (LIC) reducing its stake in the bank to 19 per cent, advances the proposed ownership restructuring. Sidhu expressed confidence that bilateral investments could grow further, acknowledging Canada's already substantial investments in India while highlighting the room for increased investment in key sectors.
Written by urgent.news from The Economic Times - Economy's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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