High impact platforms
Total fund size
NIIF’s Sustainable Infrastructure Fund (NIIF Master Fund – I) is India’s largest domestic infrastructure fund, investing in high-quality businesses and assets across core sectors. Its platforms span transportation (ports, logistics, roads, airports), energy (renewables, smart meters), and digital infrastructure. Through its investments, the fund has created industry leaders and established itself as a partner of choice across diverse sectors.
We focus on building a portfolio optimised for risk-adjusted returns, by investing in both operational assets and projects under construction. Our approach involves creating scalable platforms across key sectors—transportation, energy, and digital infrastructure—either by establishing our own management teams or by partnering with experienced and like-minded operators.
Our commitment to strong governance standards and deep market expertise positions us a trusted partner for strategic operators and institutional investors looking to deploy capital at scale into India’s infrastructure sector.
To play a pivotal role in India’s transition to clean energy by delivering a leading renewable energy platform while harnessing the power of global institutional capital to drive a resilient energy future.
As part of its vision to transition to a more sustainable economy, GoI has committed to a 500 GW renewables capacity by 2030. We aim to mobilise domestic and global institutional capital to develop and grow a diversified clean energy solutions platform, while continuing to leverage our experience of building and scaling multiple gigawatts of renewable energy portfolio. We envision our platform to expand into sustainable energy adjacencies such as battery storage, green hydrogen etc. to provide comprehensive energy solutions to buyers. We will continue to engage with like-minded partners, developers, and industry leaders to achieve our objective.
We have partnered with British International Investment and Green Growth Equity Fund to develop green energy platforms.
To be India’s preferred end-to-end integrated multimodal logistics service provider and create world-class logistics ecosystems that enhance supply chain efficiency and enable global competitiveness
India’s logistics costs, as a percentage of GDP, remain among the highest globally due to a fragmented and inefficient supply chain. As the Indian economy grows, building a robust and efficient logistics ecosystem is essential to support rapid industrialisation, trade expansion, and ease of doing business. A well-integrated logistics network will not only enhance supply chain efficiency but also reduce costs, improve turnaround times, and strengthen India’s global trade competitiveness.
Our investment into integrated ports and logistics value chain platform is strategically positioned to capture this growth by developing a pan-India network of high-quality logistics infrastructure assets, integrated with a robust digital backbone. Leveraging a dual strategy of strategic acquisitions and developments, the platform is offering multimodal solutions (inland container depots, private freight terminals, free-trade warehousing zones, warehousing, express, and contract logistics, ports, and terminals) catering to diverse customer needs across various commodities (containers, bulk, etc.) and modes (rail, road, riverine, air). The platform delivers value by providing comprehensive, one-stop, end-to-end logistics solutions with high focus on speed and affordability.
We have formed a joint venture with DP World which is amongst the largest container terminal operators globally as well as in the Indian container market.
To strategically invest in high-quality road assets across India, enhancing connectivity, driving economic growth, and generating long-term value for stakeholders.
India’s road network is the second-largest in the world, and its development is pivotal to driving the nation’s economic growth. With the government’s sustained focus on public-private partnerships, the road sector is poised for significant growth.
Athaang, our proprietary roads platform, is uniquely positioned to lead this transformation, driven by a blend of sectoral expertise, advanced in-house operations and maintenance capabilities, technology-driven efficiency, and strong ethical governance.
Having successfully acquired five operational road assets in India, Athaang will continue executing a disciplined strategy of strategic M&A, focussing on both under construction and operating projects. Our goal is to build a diversified portfolio across toll, annuity, and Hybrid Annuity Model (HAM) assets, while ensuring long-term value creation through effective asset management and transformative turnarounds.
To strengthen air travel penetration and connectivity, especially to Tier 2 and Tier 3 cities, and drive sustainable growth and innovation in the airport sector by strategically investing in world-class infrastructure, cutting-edge technologies and seamless customer experiences.
Aviation industry in India has emerged as one of the fastest growing industries in the country over the last decade. A rising proportion of middle-income households, healthy competition amongst low-cost carriers, infrastructure build-up at leading airports, and supportive policy framework have given a fillip to the aviation sector. To meet the growing demand for air travel in India, it is imperative to augment domestic airport infrastructure capacity.
We aim to provide vital infrastructure to deliver a world-class passenger experience and enhance air travel potential, while also participating significantly in policy and regulatory framework development in the country. Our investments in Manohar International Airport in Goa and Alluri Sitarama Raju International Airport in Visakhapatnam, Andhra Pradesh aim to boost connectivity and transportation infrastructure and also resonate with national priorities of strengthening air connectivity pan-India.
We have partnered with GMR Airports across both the projects.
To be the preferred digital partner for power distribution companies in India and create a digitalised & resilient power sector through innovative technological solutions.
Indian power sector is witnessing rapid transformation with significant focus being laid on the power distribution sector – the most critical component of the value chain which has been reeling under huge debt and losses. Government of India’s (GoI) initiative to create smart meter infrastructure is crucial as it will act as a key enabler for efficiency and modernisation. It helps discoms generate significant commercial benefits, empower customers to make informed choices regarding power consumption, and support India’s evolving energy mix & smart grid ambitions.
Our portfolio company, Intellismart, is a first-mover in deploying smart meter solutions across country, poised to capitalise on GoI’s ambitious 250-million-meter rollout. Operating under the BOOT (Build, Own, Operate, Transfer) model, Intellismart offers comprehensive, single-source solutions for power distribution companies seeking to implement smart metering.
We have partnered with (Energy Efficiency Services Limited) EESL which is a GoI enterprise and the largest public energy service company globally providing sustainable energy solutions across sectors at scale to enable a low-carbon future.
To play a pivotal role in building high-quality, mission-critical digital infrastructure at scale to support the GoI’s vision to transform the country into a global data centre and cloud computing hub.
India is among the fastest-growing data centre markets globally driven by digital transformation, increased internet penetration, policy enablers, rising data consumption, and artificial intelligence (AI) adoption. We have partnered with large, credible, and experienced industry partners to develop a pan-India portfolio of data centres. This partnership brings together a highly complementary mix of regional data centre industry experience and Indian development and operations experience, combined in an institutional framework. The partnership’s first project is a greenfield 300MW+ hyperscale facility in Navi Mumbai, which will be one of the largest facilities in India offering easy access to infrastructure, including power and fiber.
We have partnered with Digital Edge which is a market leading pan-Asia data centre platform with excess of USD 2 billion in deployed and committed capital, and AGP Sustainable Real Assets, which is a global asset development and investment management group leveraging deep operational expertise to invest in, develop and operate sustainable infrastructure and real assets.
To support the development of digital infrastructure that can accelerate India’s rapid transformation into a digitally empowered society and a global knowledge economy.
India’s digital economy is poised for extraordinary growth, fuelled by initiatives such as Digital India, Make in India, and Startup India. These programmes focus on providing digital services, promoting innovation, and empowering citizens. A robust backend infrastructure is critical to support this growth in the digital economy, creating a need for substantial investments in the space.
We have invested in iBus Network & Infrastructure, a market leader in in-building solutions and managed Wi-Fi services to support the growth of India’s digital transformation and provide a fillip to the Digital India Mission initiated by the GoI. This investment will help iBus accelerate its growth, improve technological capabilities, and continue to strengthen the company’s position as a leader in the industry.
We have partnered with IFC which is a member of the World Bank Group, and the largest global development institution focussed on the private sector in emerging markets.
As India’s largest domestic infrastructure fund, we have extensive experience in investing and operating infrastructure assets. Our strong local presence enables us to identify and capitalise on opportunities with a nuanced understanding of market dynamics.
Our well-established relationships with the Government of India, global institutional investors, and local industry players allow us to engage effectively across the ecosystem, facilitating seamless execution and long-term value creation.
By collaborating with our investors and operating partners, we structure and consolidate capital to support transactions requiring significant equity commitments, enabling efficient capital deployment at scale.
We focus on building a portfolio optimised for risk-adjusted returns, by investing in both operational assets and projects under construction. Our approach involves creating scalable platforms across key sectors—transportation, energy, and digital infrastructure—either by establishing our own management teams or by partnering with experienced and like-minded operators.
Our commitment to strong governance standards and deep market expertise positions us a trusted partner for strategic operators and institutional investors looking to deploy capital at scale into India’s infrastructure sector.
vision
To play a pivotal role in India’s transition to clean energy by delivering a leading renewable energy platform while harnessing the power of global institutional capital to drive a resilient energy future.
Strategy and Approach
As part of its vision to transition to a more sustainable economy, GoI has committed to a 500 GW renewables capacity by 2030. We aim to mobilise domestic and global institutional capital to develop and grow a diversified clean energy solutions platform, while continuing to leverage our experience of building and scaling multiple gigawatts of renewable energy portfolio. We envision our platform to expand into sustainable energy adjacencies such as battery storage, green hydrogen etc. to provide comprehensive energy solutions to buyers. We will continue to engage with like-minded partners, developers, and industry leaders to achieve our objective.
Partnerships
We have partnered with British International Investment and Green Growth Equity Fund to develop green energy platforms.
Vision
To be India’s preferred end-to-end integrated multimodal logistics service provider and create world-class logistics ecosystems that enhance supply chain efficiency and enable global competitiveness
Strategy and Approach
India’s logistics costs, as a percentage of GDP, remain among the highest globally due to a fragmented and inefficient supply chain. As the Indian economy grows, building a robust and efficient logistics ecosystem is essential to support rapid industrialisation, trade expansion, and ease of doing business. A well-integrated logistics network will not only enhance supply chain efficiency but also reduce costs, improve turnaround times, and strengthen India’s global trade competitiveness.
Our investment into integrated ports and logistics value chain platform is strategically positioned to capture this growth by developing a pan-India network of high-quality logistics infrastructure assets, integrated with a robust digital backbone. Leveraging a dual strategy of strategic acquisitions and developments, the platform is offering multimodal solutions (inland container depots, private freight terminals, free-trade warehousing zones, warehousing, express, and contract logistics, ports, and terminals) catering to diverse customer needs across various commodities (containers, bulk, etc.) and modes (rail, road, riverine, air). The platform delivers value by providing comprehensive, one-stop, end-to-end logistics solutions with high focus on speed and affordability.
Strategic Partnerships
We have formed a joint venture with DP World which is amongst the largest container terminal operators globally as well as in the Indian container market.
Vision
To strategically invest in high-quality road assets across India, enhancing connectivity, driving economic growth, and generating long-term value for stakeholders.
Strategy and Approach
India’s road network is the second-largest in the world, and its development is pivotal to driving the nation’s economic growth. With the government’s sustained focus on public-private partnerships, the road sector is poised for significant growth.
Athaang, our proprietary roads platform, is uniquely positioned to lead this transformation, driven by a blend of sectoral expertise, advanced in-house operations and maintenance capabilities, technology-driven efficiency, and strong ethical governance.
Having successfully acquired five operational road assets in India, Athaang will continue executing a disciplined strategy of strategic M&A, focussing on both under construction and operating projects. Our goal is to build a diversified portfolio across toll, annuity, and Hybrid Annuity Model (HAM) assets, while ensuring long-term value creation through effective asset management and transformative turnarounds.
Vision
To strengthen air travel penetration and connectivity, especially to Tier 2 and Tier 3 cities, and drive sustainable growth and innovation in the airport sector by strategically investing in world-class infrastructure, cutting-edge technologies and seamless customer experiences.
Strategy and Approach
Aviation industry in India has emerged as one of the fastest growing industries in the country over the last decade. A rising proportion of middle-income households, healthy competition amongst low-cost carriers, infrastructure build-up at leading airports, and supportive policy framework have given a fillip to the aviation sector. To meet the growing demand for air travel in India, it is imperative to augment domestic airport infrastructure capacity.
We aim to provide vital infrastructure to deliver a world-class passenger experience and enhance air travel potential, while also participating significantly in policy and regulatory framework development in the country. Our investments in Manohar International Airport in Goa and Alluri Sitarama Raju International Airport in Visakhapatnam, Andhra Pradesh aim to boost connectivity and transportation infrastructure and also resonate with national priorities of strengthening air connectivity pan-India.
Partnerships
We have partnered with GMR Airports across both the projects.
Vision
To be the preferred digital partner for power distribution companies in India and create a digitalised & resilient power sector through innovative technological solutions.
Strategy and Approach
Indian power sector is witnessing rapid transformation with significant focus being laid on the power distribution sector – the most critical component of the value chain which has been reeling under huge debt and losses. Government of India’s (GoI) initiative to create smart meter infrastructure is crucial as it will act as a key enabler for efficiency and modernisation. It helps discoms generate significant commercial benefits, empower customers to make informed choices regarding power consumption, and support India’s evolving energy mix & smart grid ambitions.
Our portfolio company, Intellismart, is a first-mover in deploying smart meter solutions across country, poised to capitalise on GoI’s ambitious 250-million-meter rollout. Operating under the BOOT (Build, Own, Operate, Transfer) model, Intellismart offers comprehensive, single-source solutions for power distribution companies seeking to implement smart metering.
Strategic Partnerships
We have partnered with (Energy Efficiency Services Limited) EESL which is a GoI enterprise and the largest public energy service company globally providing sustainable energy solutions across sectors at scale to enable a low-carbon future.
Vision
To play a pivotal role in building high-quality, mission-critical digital infrastructure at scale to support the GoI’s vision to transform the country into a global data centre and cloud computing hub.
Strategy and Approach
India is among the fastest-growing data centre markets globally driven by digital transformation, increased internet penetration, policy enablers, rising data consumption, and artificial intelligence (AI) adoption. We have partnered with large, credible, and experienced industry partners to develop a pan-India portfolio of data centres. This partnership brings together a highly complementary mix of regional data centre industry experience and Indian development and operations experience, combined in an institutional framework. The partnership’s first project is a greenfield 300MW+ hyperscale facility in Navi Mumbai, which will be one of the largest facilities in India offering easy access to infrastructure, including power and fiber.
Strategic Partnerships
We have partnered with Digital Edge which is a market leading pan-Asia data centre platform with excess of USD 2 billion in deployed and committed capital, and AGP Sustainable Real Assets, which is a global asset development and investment management group leveraging deep operational expertise to invest in, develop and operate sustainable infrastructure and real assets.
Vision
To support the development of digital infrastructure that can accelerate India’s rapid transformation into a digitally empowered society and a global knowledge economy.
Strategy and Approach
India’s digital economy is poised for extraordinary growth, fuelled by initiatives such as Digital India, Make in India, and Startup India. These programmes focus on providing digital services, promoting innovation, and empowering citizens. A robust backend infrastructure is critical to support this growth in the digital economy, creating a need for substantial investments in the space.
We have invested in iBus Network & Infrastructure, a market leader in in-building solutions and managed Wi-Fi services to support the growth of India’s digital transformation and provide a fillip to the Digital India Mission initiated by the GoI. This investment will help iBus accelerate its growth, improve technological capabilities, and continue to strengthen the company’s position as a leader in the industry.
Strategic Partnerships
We have partnered with IFC which is a member of the World Bank Group, and the largest global development institution focussed on the private sector in emerging markets.
As India’s largest domestic infrastructure fund, we have extensive experience in investing and operating infrastructure assets. Our strong local presence enables us to identify and capitalise on opportunities with a nuanced understanding of market dynamics.
Our well-established relationships with the Government of India, global institutional investors, and local industry players allow us to engage effectively across the ecosystem, facilitating seamless execution and long-term value creation.
By collaborating with our investors and operating partners, we structure and consolidate capital to support transactions requiring significant equity commitments, enabling efficient capital deployment at scale.
In February 2025, NIIF signed a Share Purchase Agreement (SPA) with ONGC NTPC Green Private Limited (ONGPL) to exit its investment in Ayana Renewable Power Private Limited. The transaction, with an enterprise value of INR 195 billion (USD 2.3 billion), sees ONGPL acquire a 100% equity stake in Ayana.
We build a balanced portfolio by investing in operating and greenfield opportunities across transportation, energy, digital, and urban sectors. Leveraging strong governance and market expertise, we partner with reputable operators or our own seed management teams to expand our impact in Indian infrastructure investments.
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National Investment and Infrastructure Fund is a Category I| Alternative Investment Fund registered with the Securities and Exchange Board of India (Reg No.: IN/AIF2/15-16/0194), referred to throughout this website as “NIIF Master Fund.” Mr. Vinod Giri is the Fund Manager.
National Investment and Infrastructure Fund is a Category I| Alternative Investment Fund registered with the Securities and Exchange Board of India (Reg No.: IN/AIF2/15-16/0194), referred to throughout this website as “NIIF Master Fund.” Mr. Vinod Giri is the Fund Manager.
CIN: U74900DL2015PLC287894
3rd Floor, Hindustan Times House, 18-20, Kasturba Gandhi Marg New Delhi – 110001
UTI Tower, GN Block, 4th Floor, BKC, Mumbai – 400 051
CIN: U74900DL2015PLC287894
3rd Floor, Hindustan Times House, 18-20, Kasturba Gandhi Marg New Delhi – 110001
UTI Tower, GN Block, 4th Floor, BKC, Mumbai – 400 051
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