Russian state Fund to co-invest $1 Billion in India

The state-backed Russian Direct Investment Fund (RDIF) will work with an Indian fund to invest USD 1 billion in Asia's third-largest economy, the head of the fund said before a bilateral summit expected to yield several big business deals. The RDIF and India's National Investment and Infrastructure Fund (NIIF) will each invest up to USD 500 million in the joint fund, replicating partnerships the Russian entity has with countries like China. 

"We helped in the process of the NIIF being created," RDIF CEO Kirill Dmitriev said in an interview with Reuters. "Now we will provide equity capital to joint Russian-Indian projects, mainly in India." 

 

The RDIF was set up by Dmitriev in 2011 with billions in Kremlin cash and has since made partial exits from bets in Russia, including the Moscow Stock Exchange, diamond miner Alrosa and Rostelekom. It also worked with Indian infrastructure investor IDFC to invest USD 1 billion in power projects when President Vladimir Putin last visited India in late 2014.

 

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