Dubai port operator to invest upto USD 3 billion in NIIF; heres about it
A Dubai based port operator has entered into joint investment with the National Investment & Infrastructure Fund.
The former may invest upto $3 billion and this is being seen as part of growing relationship between India and the United Arab Emirates.
It need be recalled that in October itself, a unit of Abu Dhabi Investment Authority signed an agreement to invest $1 billion in a master fund of National Investment & Infrastructure Fund.
With this the Abu Dhabi Investment Authority also became its first institutional investor.
The latest investment venture will set up a platform to invest in ports, terminals, transportation and logistics businesses in India.
The $3 billion of equity will be used to acquire assets and develop projects.National Investment and Infrastructure Fund (NIIF) is a fund created by the Government of India for enhancing infrastructure financing in the country.
The corpus of NIIF was proposed to be Rs 40,000 crore (about $6 billion) wherein the government would invest 49 percent (about Rs 20,000 crore).