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Indo-Canada Chamber of Commerce

May 2018
 Business Snippets

Amarinder Singh for strategic tie-up between chambers to boost Indo-Canada trade

Punjab Chief Minister Captain Amarinder Singh proposed a strategic tie-up between PHD Chamber of Commerce and the Indo-Canadian Business Chamber to boost trade between the two countries. The proposal came during talks with Canadian Consulate General Christopher Gibbins, who called on him here this evening, according to an official spokesperson. Gibbins told the chief minister that Canada was keen to forge strategic business alliances with Punjab in the sectors of Dairy, Animal Sciences, IT, Agriculture and Food Processing, citing Punjab's proven track record and expertise in these fields. Canada, he said, was keen to exploit the potential of Punjab in these fields. The chief minister, on his part, suggested collaboration between the two chambers to facilitate visits by Canadian delegations to Punjab to explore investments in the industrial sector.

Amarinder apprised the Consulate General about the investor and industry friendly initiatives taken by his government to encourage entrepreneurship and industry. He gave the examples of Single Window, lucrative incentives, cheap power, affordable and peaceful labour besides congenial industrial climate as some of the major factors aimed at promoting Punjab as the most favoured investment destination. The Chief Minister invited the Canadian industry to participate, in a big way, in the proposed investors' meet planned to be held soon under the aegis of Invest Punjab.

Canada’s Acadian Seaplants looks to boost India footprint

Canadian company Acadian Seaplants (ASL), which forayed into India with a subsidiary company Acadian Seaplants India (ASIPL), is looking to expand its footprints in the country. The company’s chief ensured that ASIPL has long-term plans rather than short-term targets.

Jean-Paul Deveau, President and CEO of Acadian Seaplants, Canada, said, “In India, we have already set up offices and have built 20-member team.” At present, the company has opened a processing facility in collaboration with Standard Pesticides at Vadodara, Gujarat. The company tied up with 13 Indian agricultural colleges to test their products in India.

Soumendu Ghosh, business development manager, South Asia, Acadian Plant Health, said: “We do not want to expand all across India at once but target regions. We plan to start our work in North-East first with tea plantations that produce organic tea products. Later, we will spread it across various regions, slowly and steady, and based on crop types.”

Canada Pension Plan anchors investment in India infrastructure investment trust

Canada Pension Plan Investment Board, Toronto, and Allianz Capital Partners teamed up to acquire 55% in IndInfravit Trust, the first private infrastructure investment trust in India, according to a joint news release from the C$337.1 billion ($262.6 billion) pension fund and Allianz Group.

CPPIB will invest C$200 million for 30% of the trust's units; Allianz has acquired 25%; L&T Infrastructure Development Projects Ltd., a developer of infrastructure projects in India, has acquired 15%; and the "remainder of the units have been subscribed by other local and international institutional investors," the news release said.

IndInfravit Trust will initially acquire five operational toll roads and intends to make additional investments in road infrastructure in India in the future. 

"This investment allows CPPIB to deepen our relationships with Allianz Capital Partners and L&T IDPL and demonstrates our commitment to investing in India," said Scott Lawrence, CPPIB's managing director and global head of infrastructure, in the news release. "The rapidly growing Indian economy brings with it a need for sound infrastructure, and we are pleased to be able to support this growth while delivering solid long-term, risk adjusted returns for the CPP fund."

Manitoba hydro rates to increase 3.6 per cent in June

Manitoba’s Public Utilities Board (PUB) approved an average revenue increase of 3.6 per cent to be applied to Hydro customers’ rates as of June 1.

The increase had been under review by PUB since December 2017, part of Hydro’s plans to cut down its debt and finance the company’s two main projects – the Bipole III transmission line and Keeyask generating station. The provincial crown corporation had initially requested an increase of 7.9 per cent, more than double the finalized hike.

In addition to the increase, the PUB has recommended the provincial government to suspend collection of government revenues from the Bipole III project. Over the next 13 years, that measure will result in $900 million in lost revenue for the province – the approximate cost of changing the Bipole III route from the east side of Lake Winnipeg to the west side of Lake Manitoba.

The rise will mean a Hydro customer paying a $2,000 bill before the hike will be seeing an increase of $72 on their first bill after June 1.

Hydro has applied to PUB for a series of 7.9 per cent rate increases through the 2023-24 fiscal year. No future increases have been approved by PUB.

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