The Abu Dhabi Investment Authority on Monday became the first institutional investor in the National Investment and Infrastructure Fund’s Master Fund, with an investment of $1 billion.
“Pursuant to the Memorandum of Understanding (MoU) between Department of Economic Affairs, Ministry of Finance, Government of India and the Government of United Arab Emirates (UAE) to mobilise long-term investment into National Investment and Infrastructure Fund (NIIF), the first investment agreement between NIIF Master Fund and a wholly-owned subsidiary of Abu Dhabi Investment Authority (ADIA) has been signed today,” the Ministry of Finance said in a release.
Six domestic institutional investors, including HDFC Standard Life Insurance Company Limited, HDFC Asset Management Company Limited, Housing Development Finance Corporation Limited, ICICI Bank Limited, Kotak Mahindra Old Mutual Life Insurance Limited and Axis Bank Limited, will also join the NIIF Master Fund, the release added.
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‘A milestone’
Commenting on the development, Economic Affairs Secretary Subhash Chandra Garg said: “This is a significant milestone in the operationalisation of NIIF.”
“This agreement paves the way for creating significant economic impact through investment in commercially viable infrastructure development projects,” Mr. Garg added.
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