CPPIB commits $600 million fresh investment in India, to pick up stake in NIIF

The Canada Pension Plan Investment Board (CPPIB) has announced an investment of up to $600 million (Rs 43 billion) through the National Investment and Infrastructure Fund [NIIF] Master Fund, deepening its exposure in India. The agreement includes a commitment of $150 million to the NIIF Master Fund and co-investment rights of up to $450 million in future opportunities to invest alongside the Master Fund. The CPPIB will also become a shareholder in NIIF Limited, the NIIF’s investment management company. With CPPIB’s investment, the Master Fund now has $2.1 billion in commitments and has achieved its initial target fund size. In addition, NIIF’s investors have co-investment rights of $3 billion. This will enable the Master Fund to invest a larger corpus for supporting infrastructure investments in the country.