New Delhi– The National Investment and Infrastructure Fund (NIIF) made its first investment on Monday, an official statement said here.

The NIIF has partnered with DP World to create an investment platform for ports, terminals, transportation and logistics businesses in India.

“NIIF, set-up to function as a major platform in India for attracting foreign investments, has made good progress. We are pleased to learn of NIIF’s first investment to create an investment platform in the ports and logistics sector. Following its First Close in October 2017 on the fund-raising side, and now with its first investment, NIIF is making visible progress,” said Subhash Chandra Garg, Secretary, Department of Economic Affairs (DEA).

The platform will invest in opportunities in the ports sector, and beyond sea ports into areas such as river ports and transportation, freight corridors, port-led special economic zones, inland container terminals and logistics infrastructure including cold storage, the statement said.

The NIIF is being operationalised by establishing three Alternative Investment Funds (AIFs) under the SEBI Regulations. The proposed corpus of NIIF is Rs 40,000 crore (around $6 billion).

The government’s contribution to the AIFs under the NIIF scheme shall be 49 per cent of the total commitment. NIIF has the mandate to solicit equity participation from strategic anchor partners, like overseas sovereign/quasi-sovereign/multilateral/bilateral investors.(IANS)