On the trade front, bilateral trade in goods stood at $8.16 billion in 2022-23, with an almost even split between imports and exports. India’s exports to Canada for the year were $4.11 billion, while imports stood at $4.05 billion.

“More than 600 Canadian companies have a presence in India and over 1,000 Canadian companies are actively pursuing business in the Indian market,” Invest India said. It added that between 2003 and 2019, Mumbai and Bengaluru were among the top 10 destination cities for Canadian outbound investment in Asia Pacific. Canada counts India as a priority market.

The Canada Pension Plan Investment Board (CPPIB) has sizable investments in India across sectors including infrastructure and financial services. It holds stakes in Kotak Mahindra Bank, Indus Towers, Paytm, Zomato, Nykaa, and Delhivery. It also owns US-listed shares of Indian majors like Infosys, Wipro, and ICICI Bank. The CPPIB also has business partnerships with Piramal Enterprises, Shapoorji Pallonji group, and Larsen & Toubro. According to the Invest India website, the CPPIB recently hit $14.8 billion in investments into India.

Caisse de dépôt et placement du Québec (CDPQ) counts India as a strategic market and had invested around $6 billion in India as at the end of 2022, according to its website. Over the past few years, CDPQ has invested in companies like Kotak Mahindra Bank, Edelweiss Group, Piramal Enterprises, TVS Logistics, Azure Power Global, and Apraava Energy. In February 2020, it launched a $300-million private credit platform with a third-party asset manager to invest in India.

Toronto-based alternative asset management major Brookfield Asset Management owns and operates infrastructure and real estate assets that include 47 million square feet of office properties, solar and wind energy assets, a construction business, telecom infrastructure assets, and real estate management services. It also has a real estate investment trust (REIT) in India.

Fairfax India Holdings, an arm of Canadian financial holding company Fairfax Financial Holdings, has investments in various Indian companies across sectors like logistics, financial services, shipping, manufacturing, and infrastructure. It is the largest shareholder of the Bangalore International Airport (BIAL), the operator of Bengaluru’s Kempegowda International Airport.

Other major Canadian investors active in India include the likes of the Ontario Teachers’ Pension Plan (OTPP), the Ontario Municipal Employees Retirement System (OMERS), and the British Columbia Investment Management Corporation.

Then there are Canadian companies that have set shop in India, like Sun Life Financial. It is a joint-venture partner with the Aditya Birla group in Aditya Birla Sun Life Asset Management, a financial services major that offers products and services like insurance, mutual funds, asset management, lending, and housing finance, among others.

Other Canadian businesses in India include auto parts and mobility technology player Magna International, which has 13 manufacturing and assembly facilities in India, and the IBI Group, which designs high rise buildings, industrial buildings, schools, hospitals, and other infrastructure projects for integrated cities. The IBI Group has been involved with a few smart city projects in India.

Indian companies in Canada are active in sectors like information technology, software, steel, natural resources, and banking. Major Indian corporates with significant presence in Canada include the likes of Tata Consultancy Services, Aditya Birla group, Wipro, and Infosys.