India’s quasi-sovereign wealth fund, the National Investment and Infrastructure Fund (Niif), and the Japan Bank for International Cooperation (Jbic) brought on Wednesday a US$600 million (S$824 million) fund to splurge in sustainability activities. Jbic will be providing 51 per cent of that figure and India the rest, the Indian government conveyed in a statement.
The India-Japan Fund will aim at investment in sustainable activities in places like renewable energy, e-mobility and waste management, the Niif –brought in 2015 as India’s first state-backed fund – conveyed in a statement. It will also look to enhance coordination and cooperation between Indian and Japanese firms amid an “unstable world state and issues such as a severed supply chain”, said Mr Nobumitsu Hayashi, governor of the Japanese bank.
“Japanese companies are very much keen in stepping in the Indian market as a relocation destination for a production base or an investment destination,” he said.