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ICCC Newsletter - 3 November 2021

03 Nov 2021 9:00 AM | Anonymous


ICCC wishes its members, stakeholders, sponsors, and the Indo-Canadian community a Happy Diwali


Canada Post issued this postage stamp on 19 October 2021 on the occasion of Diwali. Layers of symbolism are woven into the eye-catching Rangoli pattern on this stamp heralding the arrival of Diwali on November 4. A time to reflect, overcome negativity, and spread light and love, the five-day festival is observed by Hindus, Buddhists, Jains, Sikhs and others around the world. Rangolis are an important part of the celebrations. Drawn on floors in entranceways, living rooms and courtyards using flower petals, coloured sand and other materials, these temporary works of art are traditionally created to invite Lakshmi, the goddess of good fortune, into celebrants’ homes.

ICCC Board Meets India's Consul General in Toronto


L to R: Bhavik Parikh, Rakesh Joshi, Virender Rathi, Apoorva Srivastava, Ripudaman Singh Dhillon & Arvind Bhardwaj

ICCC’s new board met India’s Consul General Apoorva Srivastava on 29 October 2021 at the Consulate General of India in Toronto. The board discussed ICCC’s priorities and the board’s vision.

Ripudaman Singh Dhillon, President, ICCC, said, “It was a pleasure meeting with our CGI Mrs. Apoorva Srivastava along with the new Board of Directors of Indo Canada Chamber of Commerce. We shared the vision and mission of new board and discussed the bilateral trade between both countries.”

ICCC@50


The Indo-Canada Chamber of Commerce (ICCC) has announced the formation of the ICCC@50 committee. It will comprise the following members:

  • Dr. Aditya Jha, Chair, ICCC's Advisory Board
  • Arjun Jasuja, Member, ICCC's Advisory Board
  • Ripudaman Singh Dhillon, President, ICCC
  • Virender Rathi, Corporate Secretary & Vice President, ICCC
  • Arvind Bhardwaj, Vice President & Director, ICCC
  • Yudhvir Jaswal, Y Media (ICCC's Media Partner)
  • Manu Datta, ICCC Committee Member

ICCC's Partner in Success


Range Enterprise comes on board as ICCC's Affinity Partner

Range Enterprises, one of Canada’s fastest growing corporate gifting companies, has become ICCC’s Affinity Partner. Check out here the range of corporate gift it offers, and avail 10 percent discount on rack rates.


Festival Offer from ICCC's Partner in Success


Disclaimer: The information being provided is deemed reliable but not guaranteed, and all information should be verified by the member before making any commitments. ICCC makes no representations or warranties about the preciseness, accuracy or completeness of the information contained in this offer. ICCC specifically disclaims any liability, whether based in contract, tort, strict liability or otherwise, for any direct, indirect, incidental, consequential, or special damages arising out of or in any way connected with availing or using these benefits offered by TELUS, including liability in connection with this communication. The member, by contacting TELUS and/ or their agents, acknowledges and certifies the position of ICCC stipulated by the foregoing, and agrees to hold ICCC faultless and blameless, and further agrees that restitution of damages, if any are claimed, shall be sought directly from the suppliers.

In the News

2021 Ontario Economic Outlook and Fiscal Review


Peter Bethlenfalvy, Ontario's Minister of Finance

The Ontario government is furthering its commitment in the Speech from the Throne to protect people’s health and the province’s economy through the 2021 Ontario Economic Outlook and Fiscal Review, which will be released on Thursday, November 4.

Peter Bethlenfalvy, Minister of Finance, will release the government’s plan to protect Ontario’s hard-won progress against COVID-19, while building the foundation for economic growth and prosperity by delivering on critical infrastructure, supporting workers, and creating the right environment to attract investment and jobs.

“The job is not done and soon I will release our government’s next fiscal update, a plan that will protect the hard work and sacrifice of the people of Ontario in our fight against the COVID-19 pandemic,” said Minister Bethlenfalvy. “The plan will also look forward, towards building a strong, prosperous province for everyone.”

The 2021 Ontario Economic Outlook and Fiscal Review will build on the 2021 Budget - Ontario's Action Plan: Protecting People's Health and Our Economy, which brought the Province's COVID-19 response to $51 billion over three years, including:

Making available $1 billion for a provincewide vaccination plan that has seen Ontario achieve one of the highest rates of vaccination in the world.

Earmarking $5.1 billion to support hospitals since the pandemic began, creating more than 3,100 additional hospital beds to ensure every person who requires care in a hospital can access a bed, even during the worst of the pandemic.

Investing nearly $5 billion over four years to increase the average direct daily care for long-term care home residents to four hours a day and hiring more than 27,000 new positions, including personal support workers (PSWs) and nurses.

Delivering nearly $3 billion in urgent and unprecedented support to over 110,000 small businesses across the province through the Ontario Small Business Support Grant.

“We will remain vigilant as we continue to safely and successfully reopen Ontario together,” said Minister Bethlenfalvy. “Our government is making the necessary investments to protect the progress we’ve made while putting the right conditions in place for growth.”

India's NHAI InvIT attracts Canadian institutional investors

  • Canada Pension Plan Investment Board
  • Ontario Teachers’ Pension Plan Board


National Highways Authority of India (“NHAI”) has the largest share under the National Monetisation Pipeline. In this regard, NHAI is pleased to announce the launch of its InvIT as a mode to monetise road projects. The InvIT will initially have a portfolio of five operating toll roads with an aggregate length of 390 kilometers, with more roads planned to be added later. These roads are located across the states of Gujarat, Karnataka, Rajasthan and Telangana. NHAI has granted new concessions of 30-years for these roads. In view of the long-term nature of the assets, the units of InvIT were placed with international and domestic institutional investors. The units have been issued under the private placement route under SEBI InvIT Regulations, 2014 at the upper valuation band of Rs.101 per unit. The units will be listed on NSE and BSE.

NHAI InvIT attracted two international pension funds, namely Canada Pension Plan Investment Board and Ontario Teachers’ Pension Plan Board, as anchor investors, who will hold 25% of the units each. The balance units were placed with a diversified set of domestic institutional investors comprising pension funds, insurance companies, mutual funds, banks and financial institutions. NHAI has demonstrated its strong ability to attract a wide variety of sophisticated investors for the National Monetisation Pipeline.

The total enterprise value of the initial portfolio of 5 roads was pegged at Rs.8011.52 crore. NHAI InvIT is funding that through debt of Rs.2000 crore from State Bank of India, Axis Bank and Bank of Maharashtra. The balance is being funded by issuing units of Rs.6011.52 crore to international and domestic institutional investors, and NHAI as Sponsor.

Giridhar Armane, Secretary MoRTH and NHAI Chairman said, “We are pleased that NHAI InvIT has been able to garner funds from marquee international and domestic institutional investors to support the Government of India’s National Monetisation Pipeline. We welcome the two anchor investors - Canadian Pension Plan Investment Board and Ontario Teachers’ Pension Plan Board, and other reputed domestic investors, into NHAI InvIT. The success of this InvIT shall go a long way in achieving Hon’ble Prime Minister’s vision of developing world class infrastructure in the country.”


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