New Delhi, July 9 (IANS) Prime Minister Narendra Modi on Thursday welcomed AustralianSuper’s additional $500 million (Australian dollars) investment in India’s National Investment and Infrastructure Fund (NIIF), saying the move reflected global confidence in India’s growth story, as Australia’s largest pension fund took its total holdings in India across all asset classes to 3.3 billion Australian dollars.

Taking to the social media platform X, PM Modi said the fresh investment reflected the global confidence in India’s growth and reform trajectory.

“India welcomes the AU$500 million investment from AustralianSuper, announced by their Chief Executive, Paul Schroder this morning in Melbourne. This is yet another glimpse of the global confidence in India’s growth and reform trajectory. It also reflects the immense opportunities that our dynamic economy offers global investors,” PM Modi said.

The announcement came on the sidelines of the Australia-India Annual Leaders’ Summit in Melbourne, where AustralianSuper Chief Executive Paul Schroder was scheduled to participate.

The fresh commitment follows AustralianSuper’s initial 240 million Australian dollar investment in the NIIF in 2019, which the fund described as one of its best-performing infrastructure investments.

AustralianSuper Chief Investment Officer Shaun Manuell said the investment reflected the fund’s confidence in India’s long-term growth prospects and policy environment.

“AustralianSuper’s investment in the NIIF has been one of our most successful partnerships and that’s why we’re excited to invest again to help drive returns for members,” Manuell said.

“Our experience with NIIF demonstrates what can be achieved when long-term capital is combined with visionary policy, trusted institutions and strong partnerships,” he added.

Highlighting the reasons behind the fresh investment, Manuell said policy consistency remained a key factor.

“India is an attractive place to invest due to its strong economic growth and expanding middle class, and the Indian government has made it easier for institutions to deploy capital successfully,” he said.

“AustralianSuper is making a second investment in the NIIF because those fundamental strengths are still there and we see the potential for more returns for members.”

Established in 2015, the NIIF was created by the Government of India to attract long-term institutional capital into the country’s infrastructure sector.

Moreover, AustralianSuper currently has about 2.8 billion Australian dollars invested in India across infrastructure, equities and private markets.

–IANS

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