Russian, Indian funds ink pact to invest USD 1 bn in infra

Infrastructure investor IDFC has inked a pact with Russian Direct Investment Fund to invest up to USD 1 billion in infrastructure projects here.
A Memorandum of Understanding (MoU) was signed "between IDFC (Infrastructure Development Finance Corporation Ltd) and RDIF (Russian Direct Investment Fund) on a co-investment opportunity up to USD 1 billion" here today, according to an official statement.
The pact, signed between IDFC Executive Chairman Rajiv Lall and RDIF Chairman Kiril Dmitriev describes terms and conditions on creation of a fund for investments in India and Russia.
Both IDFC and RDIF have committed USD 500 million each towards projects in the pacts signed during Russian President Vladimir Putin's visit to India.

Both the Funds may look at investing in hydro-electric sector too to tap its vast potential in view of the power shortages faced by the country.