Shapoorji, Piramal look beyond CPPIB

They are not happy with slow pace of investments under the JVs with the pension-fund manager

Shapoorji Pallonji and the Ajay Piramal group, the Canada Pension Plan Investment Board’s (CPPIB’s) two joint-venture (JV) partners in India, have formed similar alliances or are in the process of forming them with new partners.

According to sources in the know, investments under the joint ventures have been slow and both Shapoorji and Piramal are looking for new partners.

The CPPIB is one of the largest pension-fund managers in the world. Shapoorji’s joint venture with the CPPIB was announced in November 2013. It was formed to invest in foreign direct investment-compliant office buildings in metros. 

The CPPIB owns 80%