Maharashtra to get $3 billion froject funds from Canadian pension

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Canadian pension funds, may soon invest in the development of Maharashtra. The Canadian government is in talks with officials in Maharashtra to deploy its pension funds for creating a water grid, financing the housing-for-all schemes, helping the upcoming International Finance Centre at BKC, setting up smart cities, and even in boosting the IT sector.

Amarjeet Sohi, Canadian Minister for infrastructure and communities, who will visit Maharashtra, is supposed to meet Chief Minister Devendra Fadnavis to tie the loose ends, said top state government officials. After Sohis visit, Fadnavis will be leaving for Canada sometime in February to close the deal.

According to state officials, at least $3 billion will be pumped into different sectors in the initial plan. Canadian companies are looking at a two percent risk premium over Canadas treasury yield on their investments.

State government officials said that Ontario Teachers Pension Plan, Sunlife Insurance Company, and Fairfax are keen on investing in Maharashtra. This is just the start, the $3 billion that we are talking about is just the initial thing. Once things start moving, there will be more investments lined up, said an official.