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Russia, India funds agree $1 billion Indian infrastructure deal

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Reuters NEW DELHI
Last Updated : Dec 11 2014 | 6:26 PM IST

NEW DELHI (Reuters) - The Russian Direct Investment Fund and India's IDFC agreed on Thursday to invest up to $1 billion in Indian infrastructure projects including in ports, toll roads and hydropower, to deepen economic ties between the two countries.

The two investors will each commit up to $500 million under the agreement, which was signed during Russian President Vladimir Putin's visit to New Delhi, RDIF said in a statement.

India needs hundreds of billions of dollars in investment if it is to modernise its creaking infrastructure, the poor state of which analysts say hinders the country's economic development.

(Reporting by Tommy Wilkes; Editing by Nick Macfie)

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First Published: Dec 11 2014 | 6:15 PM IST

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