Pilgrims travel across illuminated pontoon bridges during the Kumbh Mela at night in Prayagraj, Uttar Pradesh, India. (Photographer: Prashanth Vishwanathan/Bloomberg)

Saudi Arabia Follows Abu Dhabi to Invest in India Infrastructure

(Bloomberg) -- Saudi Arabia is considering investing in India’s infrastructure fund as the kingdom’s crown prince plans his debut visit to the South Asian nation next week.

The cabinet authorized the energy minister to study entering into an agreement to invest in the National Investment and Infrastructure Fund, the Saudi Press Agency reported.

The move follows Abu Dhabi’s sovereign wealth fund becoming the first institutional investor in NIIF’s Master Fund in 2017 with a commitment of $1 billion. DP World Ltd., the Dubai-based port operator, and NIIF said last year they plan to jointly invest up to $3 billion in India.

Prince Mohammed bin Salman will visit India on Feb. 19-20. The prince and Prime Minister Narendra Modi met in Buenos Aires in November and discussed investment opportunities through Saudi Arabia’s Public Investment Fund.

Saudi Arabia is India’s fourth-largest trading partner, supplying about 20 percent of the nation’s crude requirements.

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