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Canada's biggest public pension fund is investing up to $600 million in India's National Investment and Infrastructure Fund (NIIF), as it seeks to grow its infrastructure bets in Asia's third-largest economy.
The deal includes a commitment of $150 million in NIIF's Master Fund and co-investment rights of up to $450 million in future opportunities to invest alongside the Master Fund, Canada Pension Plan Investment Board (CPPIB) said in a statement on Thursday.
The NIIF is majority-owned by institutional investors, but says is anchored by India's government, which is also an investor in its Master Fund.
India needs investments worth about $778 billion for highways, urban transport and renewable energy by 2022, according to the India Brand Equity Foundation, a government body.
With CPPIB's investment, NIIF's Master Fund now has $2.1 billion in commitments, it said.
