Among the targeted infrastructure areas are energy, transportation, housing, water
The National Investment and Infrastructure Fund (NIIF) announced the signing of an investment agreement worth $1 billion with Abu Dhabi Investment Authority's (ADIA) wholly owned subsidiary.
The government of India had set up NIIF as a quasi-sovereign wealth fund due to the need for long-term investment in infrastructure sector.
The proposed corpus of the fund is pegged at $6 billion or Rs 40,000 crore, 49% of which will be from the Indian government and the balance 51% stake is being offered to the investors.
The centre has a plan to raise third party-capital to the tune of Rs 20,000 crore or $3 billion from long-term international investors.
Among the targeted infrastructure areas are energy, transportation, housing, water, waste management etc.
With this agreement in place, ADIA will become the first institutional investor in NIIF's master fund and a shareholder in National Investment and Infrastructure Ltd, the NIIF's investment management company.
"This agreement marks the culmination of an extensive process of collaboration with ADIA to develop an investment structure that is attractive to international investors while remaining closely aligned with the NIIF's objectives. We are proud to have ADIA as our founding partner and we now look forward to announcing further agreements with other investors," said Sujoy Bose, chief executive officer of NIIF.
Khadem AlRemeithi, executive director of real estate & infrastructure department at ADIA, said, "The NIIF is set to play an important role in facilitating the flow of foreign capital into India's infrastructure sector. As a long-standing investor in India and in infrastructure globally, ADIA welcomes the opportunity to be the first to partner with NIIF in a platform that is sure to be of interest to other long-term institutional investors."
SEALING PACT
- Among the targeted infrastructure areas are energy, transportation, housing, water
- With this deal, ADIA will become the first institutional investor in NIIF’s master fund
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