India and the UK announced Wednesday the launch of an early market engagement for the joint UK-India Fund.
Called Green Growth Equity Fund, it aims to leverage private sector investment from the City of London to invest in green infrastructure projects in India.
Both governments reaffirmed their commitment to anchor investments up to £120 million each (i.e. total £ 240 million) in the joint fund which will be established under the National Investment and Infrastructure Fund (NIIF) framework.
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To begin with, the fund aims to raise around £500 million, with the potential to unlock much more in future. This was announced at the bilateral meeting between Arun Jaitley, India’s Minister of Finance and Philip Hammond MP, Chancellor of the Exchequer, Government of UK in Delhi.
The two Finance Ministers announced that initial investments will focus on India’s rapidly growing green energy and renewable market and that a fund manager is expected to be selected in the next few months.
Progress will be accelerated through early market engagement via the publication of a blueprint, with the aim to identify additional and complementary sectors for fund investments.
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