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19 Mar, 2014

Saudi Arabia to invest $750 mn in Indian infrastructure – Hindustan Times

In what will channelise investments from oil-rich Saudi Arabia into India’s infrastructure sector, India and Saudi Arabia have formalised the structuring of the $750-million (about Rs. 4,650-crore) India-Saudi Investment Fund that was announced during Prime Minister Manmohan Singh’s visit to Riyadh in 2010.

The infrastructure sector requires an estimated $1 trillion (or Rs. 62 lakh crore) in investments over the next four-five years. Top official sources told HT that following the recent visit of finance minister P Chidambaram to Riyadh in January this year, both sides have finally agreed to proceed with the setting up the fund and have decided to appoint nodal points in a time-bound manner.

Read the rest: India, Saudi Arabia ready $750 mn infra fund – Hindustan Times.