Mumbai– The National Investment and Infrastructure Fund (NIIF) of India announced on Thursday that it has signed an agreement with the Singapore government-owned holding company Temasek for investments of up to $400 million, “which may include future co-investments with NIIF.”

A NIIF statement here said that under the agreement, Temasek will join the Indian government, Abu Dhabi Investment Authority, HDFC Group, ICICI Bank, Kotak Mahindra Life Insurance and Axis Bank as an investor in NIIF’s Master Fund and as a shareholder in NIIF’s investment management company — National Investment and Infrastructure Ltd.

NIIF Chief Executive Sujoy Bose said: “We are delighted to have Temasek as an investor in the NIIF. Temasek is one of the most renowned institutional investors globally and will add to the roster of marquee investors backing NIIF.”

The NIIF’s Master Fund invests in core infrastructure sectors in the country with a focus on transportation, energy and urban infrastructure.

In October last year, NIIF signed its first investment agreement for $1 billion with the Abu Dhabi Investment Authority.

The private Indian institutional investors in NIIF include the HDFC Group, ICICI Bank, Kotak Mahindra Life Insurance and Axis Bank.

The corpus of the NIIF, set up in 2015, is proposed to be Rs 40,000 crore, of which the central government has committed Rs 20,000 crore. The balance will be raised from long-term international investors like sovereign wealth funds, insurance and pension funds, as well as multilateral agencies.

Investors who have signed MoUs with the NIIF are the UAE government, RUSNANO, QIA, RDIF and Japan Overseas Infrastructure Investment Corporation for Transport and Urban Development, the Finance Ministry has said.

Besides, the government has signed terms for cooperation on the NIIF with the US Treasury and the UK Treasury. (IANS)