CPP Investments' India portfolio hits $21.68 bn in net assets in 2025

CPP exits Delhivery, invests in NHIT, solar-wind assets, and packaging platform as its India exposure exceeds C$30 billion in net assets in 2025

Canada Pension Plan Investment Board (CPP Investments) is accelerating its exposure to India’s high-growth sectors even as its India portfolio surpasses a milestone, exceeding C$30 billion (US$21.68 billion) in net assets in 2025.

 

CPP, which manages C$516 billion globally, disclosed in its Fiscal 2025 report that it sold its entire 6 per cent stake in Delhivery. The Canadian fund had initially invested in the Gurugram-based logistics company in 2019, capitalising on India’s e-commerce-driven delivery boom.

 

Simultaneously, CPP is doubling down on India’s energy transition and infrastructure modernisation.

 

The fund completed a follow-on investment of Rs 2,080 crore (C$346 million) in the units of the National Highways Infra Trust (NHIT), an Infrastructure Investment Trust sponsored by the National Highways Authority of India. Since its initial investment in 2021, CPP has invested Rs 5,760 crore in NHIT to date.

   

It also extended a rupee-denominated debt facility to Enfinity Global for the construction of 1.2 gigawatts of solar and wind power assets across India. Enfinity, based in the US, holds a growing portfolio of renewable energy projects across Asia, Europe, and North America. 

 

Further diversifying its portfolio, CPP backed a consumer-focused transaction by investing US$100 million for a 14 per cent stake in the combined entity of Manjushree Technopack and Pravesha Packaging. The deal, executed alongside PAG, forms one of India’s largest rigid plastic packaging platforms, aligned with the country’s growing consumption demand.

 

CPP’s India exposure now spans infrastructure, renewables, consumer products, and logistics—an intentional diversification aligned with India’s macroeconomic growth trajectory. The fund’s continued deployment of rupee-denominated instruments reflects increasing comfort with local currency exposure.

 

With India continuing to attract long-term capital, CPP’s expanding footprint signals sustained institutional confidence in one of the world’s fastest-growing major economies.