The National Investment and Infrastructure Fund (NIIF), a fund created by the Government of India for enhancing infrastructure financing in the country, said Singapore-based Temasek has agreed to invest up to US$400 million (around Rs 2,750 crores), which may include future potential co-investments with NIIF.
NIIF managing director and chief executive officer Sujoy Bose said in a statement that as part of the agreement, Temasek will join the government, HDFC group, ICICI Bank, Kotak Mahindra Life Insurance, Abu Dhabi Investment Authority, and Axis Bank as an investor in NIIF’s Master Fund and as a shareholder in National Investment and Infrastructure, NIIF’s investment management company.
He further added, “We are delighted to have Temasek as an investor in NIIF Master Fund and as a shareholder of National Investment and Infrastructure LTD, along with other institutional investors.”
NIIF, which was created in 2015, has two operational funds – the NIIF Master Fund that invests straightly in companies and a fund of funds that invests in funds that are managed by third parties. It is also looking to create a US$ 2 billion long-term fund to finance various mega projects.