BENGALURU (Reuters) – State-owned National Investment and Infrastructure Fund (NIIF) has invested $200 million in privately-held iBUS Network and Infrastructure to help the latter scale up its business, the two companies jointly said on Wednesday.
The quasi-sovereign wealth fund has stepped up its investments in the infrastructure sector, including joining hands with Japan to launch a fund for low-carbon projects in October last year.
“Our investment in iBUS marks the eighth investment by our infrastructure fund and the second in digital infrastructure,” said Vinod Giri, Managing Partner, Master Fund at NIIF.
iBus, which provides Wi-Fi connectivity in public spaces such as tech parks, airports and hospitals among other products, will use the funds to expand its operations through organic and inorganic growth initiatives, it said.
In February, IT industry body Nasscom said in a report that investments in digital public infrastructure will help India become a $8 trillion economy by 2030.
(Reporting by Hritam Mukherjee in Bengaluru; Editing by Janane Venkatraman)
