The National Investment and Infrastructure Fund (NIIF), India’s first sovereign wealth fund, is looking to double the $1 billion it has already raised, officials said on July 26.
Investors include two sovereign wealth funds — Abu Dhabi Investment Authority and Singaporean Temasek, according to Business Standard. NIIF will look into adding more partners, and tap into sovereign wealth funds and pension funds in order to raise the remaining capital.
The NIIF runs three long-term funds, including a $2 billion master fund for key infrastructure sectors, a $2 billion road infrastructure fund and a strategic opportunities fund.
According to the NIIF, $200 million has been committed for the ports and logistics platform that is being operated along with Dubai Ports as part of the master fund, while it also is scouting for investments in road projects. It also will be looking at investments in rail and metro projects in the future.
Executive director Prakash Rao Rao said domestic savings will be insufficient to fund the huge investment the country needs and pegged the funding gap at $90 billion, which needs to be bridged with the help of foreign investors.
