We are delighted to announce the first investment by the NIIF Strategic Fund. Building on this acquisition will allow NIIF to play a meaningful role in the private debt space in Indian Infrastructure, where we see a growing need given India’s infrastructure ambition, an emerging gap as traditional infrastructure lenders consolidate and the potential for attractive returns. The long-term nature of NIIF’s Strategic Fund, its strong governance and underwriting standards, combined with NIIF’s ability to attract capital will allow us to build on a strong platform created by IDFC and to continue to grow the business. This investment demonstrates the ability of NIIF to make commercially attractive counter-cyclical investments, since it comes at a time when the NBFC sector is facing some temporary headwinds. We are pleased to welcome the company’s management team, which has significant project finance experience over various market cycles, into NIIF.