The Russian Direct Investment Fund (RDIF) and India's IDFC Ltd. have agreed to jointly invest in infrastructure projects to boost economic cooperation between

Each party will provide up to US$500 milion. The agreement was signed during the state visit of Russian President Vladimir Putin to India.

Kirill Dmitriev, CEO of the RDIF, said:

"We look forward to implementing our future investment plans with IDFC and believe that RDIF will benefit from IDFC's industry insights and its proven ability to cooperate with its network of portfolio companies in the infrastructure sector. Our partner's experience in large scale concession agreements specifically in transport infrastructure will be invaluable in addressing Russia's growing infrastructure needs."

Dr. Rajiv B. Lall, Executive Chairman of IFDC Ltd., said:

"We are extremely happy to partner with RDIF and it is a privilege for us to play such a significant role in the development of ties between Russia and India. Both countries are progressing at a fast pace and infrastructure remains one of the key focus areas. This partnership will enable us to vital projects and deliver on the long term goals. We look forward to leveraging our knowledge and skills in building the infrastructure of Russia and India."

RDIF was established in June 2011 to make equity co-investments primarily in Russia alongside reputable international financial and strategic investors. Based in Moscow, RDIF's management company is a 100% subsidiary of Vnesheconombank.

IDFC Ltd. was established in 1997 as a private sector enterprise by a consortium of public and private investors. Its expertise in the infrastructure sector and strong relationships with government and infrastructure sponsors provides it with a platform for facilitating private investment and public-private partnerships (PPP) in infrastructure projects in sectors where market structures, government policy and regulations are evolving.