India, Saudi Arabia to set up $750 mn fund

Last Updated: Thu, Nov 22, 2012 13:40 hrs

New Delhi, Nov 22 (IANS) India and Saudi Arabia would soon set up a $750 million joint fund to primarily finance infrastructure projects, Minister of State for Commerce and Industry S. Jagathrakshakan said Thursday.

He said the fund will be set up jointly by the Public Investment Fund of Saudi Arabia and the Infrastructure Development Finance Corporation (IDFC) of India.

"The fund focuses on channelising Saudi investments into Indian infrastructure projects," according to a statement released by the ministry of commerce and industry here.

The minister said the fund would be set up soon.

Jagathrakshakan met a delegation of India−Saudi Business Network and discussed the issues affecting the business community of the two countries.

The delegation of the Saudi businesspersons and entrepreneurs showed interests in investing in India's petroleum, petrochemicals, fertilizers, infrastructure, food processing, health care, herbal and medicinal sectors.

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