Prime Minister Narendra Modi hailed AustralianSuper’s additional investment of $500 million (Australian dollars) in India’s National Investment and Infrastructure Fund (NIIF), saying the move showed the world’s faith in India’s expansion narrative.

As Australia’s biggest pension fund, it now holds 3. 3 billion Australian dollars in India across all asset categories.

PM Modi used the social media site X to declare that the new investment showed international trust in India’s path of progress and reform.

Paul Schroder, Chief Executive of AustralianSuper, declared today in Melbourne that Australia’s retirement fund will invest AU$500 million in India. Once again, the world has shown that it believes in India’s path of progress and change.

According to Prime Minister Modi, it also demonstrates the countless possibilities that our vibrant economy provides to foreign investors.

Paul Schroder, CEO of AustralianSuper, was slated to attend the Australia-India Annual Leaders’ Summit in Melbourne, where the announcement was made on the margins.

The fresh pledge comes after AustralianSuper’s first investment of A$240 million in the NIIF in 2019, which the fund characterized as one of its infrastructure investments with the greatest performance.

Shaun Manuell, Chief Investment Officer of AustralianSuper, stated that the investment demonstrated the fund’s faith in India’s policy environment and long-term growth potential.

Manuell commented that one of our most fruitful collaborations has been AustralianSuper’s investment in the NIIF, which is why we are eager to make another investment to assist increase member returns.

He said that our experience with NIIF shows what is possible when visionary policy, trustworthy organizations, and solid alliances are combined with long-term capital.

Manuell emphasized that policy consistency remained a major element, emphasizing the reasons for the new investment.

Due to India’s robust economic growth and expanding middle class, India is an appealing destination for investment, and the Indian government has simplified the process for institutions to effectively deploy capital, he added.

We are making a second investment in the NIIF because those fundamental strengths remain, and we see the opportunity for higher returns for members.

In 2015, the Indian government established the NIIF to draw long-term institutional investment into the country’s infrastructure industry.

In addition, AustralianSuper has around 2. 8 billion Australian dollars invested in India in private markets, equities, and infrastructure.