The Canada Pension Plan Investment Board is investing 5.6 billion Indian rupees (about $93 million) to secure a 49 per cent equity stake in a regional retail centre in Kolkata, located in West Bengal.

The nine-hectare mall will be a joint venture between the CPPIB and Phoenix Mills Ltd. Construction will begin this year in Alipore, an affluent suburb of Kolkata filled with office spaces and residential areas. The project is expected to be completed by 2024.

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This is the latest venture between the CPPIB and Phoenix Mills, with the Canadian pension fund committing 20.6 billion Indian rupees — about $340 million — across multiple ventures with the firm.

In a press release, Hari Krishna, managing director of real estate in India for the CPPIB, said investments in India are a critical part of the CPPIB’s long-term strategy in the Asia Pacific region. “Working alongside reputed development partners such as Phoenix Mills allows us to expand our portfolio and enhances our ability to deliver solid long-term risk adjusted returns to CPP contributors and beneficiaries.”

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In other news, the Ontario Teachers’ Pension Plan is selling Burton’s Biscuit Co., which it acquired in 2013.

The company employs about 2,000 people across six manufacturing locations in the U.K. and produces brands such as Maryland Cookies, Jammie Dodgers, Wagon Wheels, Paterson’s and Thomas Fudge’s.

Since the 2013 acquisition, Ontario Teachers’ has helped grow the business through continued investment across the branded, retailer brand and third-party global brand portfolios, in addition to organic initiatives and bolt-on acquisitions, according to a press release.

“Since our investment, Burton’s has implemented key organic growth initiatives and completed a number of strategic acquisitions to further strengthen its portfolio and manufacturing capability,” said Nick Jansa, senior managing director for Europe, the Middle East and Africa at the Ontario Teachers’.

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