AustralianSuper to invest AU$500 million in India, PM Modi hails ‘confidence in India’s growth’

Prime Minister Narendra Modi on 9 July welcomed AustralianSuper’s decision to invest AU$500 million in India, describing it as a strong endorsement of the country’s economic growth and reform agenda.

The investment was announced by AustralianSuper Chief Executive Paul Schroder during the India-Australia CEO Forum and Economic Roadmap Business reception held in Melbourne attended by PM Modi as part of his three-day visit to Australia.

“India welcomes the AU$500 million investment from AustralianSuper, announced by their Chief Executive, Mr. Paul Schroder, this morning in Melbourne,” PM Modi said in a post on X.

AustralianSuper is Australia’s largest pension fund managing over 410 billion Australian dollars in assets, Prime Minister Narendra Modi noted that the investment reflects the burgeoning global confidence in India’s economic path and the vast potential of its domestic market.

“This is yet another glimpse of the global confidence in India’s growth and reform trajectory. It also reflects the immense opportunities that our dynamic economy offers global investors,” PM Modi said.

The Prime Minister’s remarks on X followed his address at the India-Australia CEO Forum and Economic Roadmap Business Reception during his visit to the nation.

NIIF commitment of AU$240 million in 2019

The new investment announced today follows an original NIIF commitment of AU$240 million in 2019, which has been one of the Fund’s best performing infrastructure assets for AustralianSuper members.

The National Investment and Infrastructure Fund (NIIF) was established in 2015 to attract investors from around the world to deploy capital into infrastructure developments in India.

‘AustralianSuper’s investment in the NIIF has been one of our most successful partnerships and that’s why we’re excited to invest again to help drive returns for members,’ AustralianSuper Chief Investment Officer Shaun Manuell said in a statement.

India an attractive place to invest, says CIO

Manuell said policy consistency was a key factor behind the decision.

‘India is an attractive place to invest due to its strong economic growth and expanding middle class, and the Indian government has made it easier for institutions to deploy capital successfully,’ Manuell said.

AustralianSuper currently has about AU$2.8 billion invested in India across infrastructure, equities and private markets.

‘AustralianSuper is making a second investment in the NIIF because those fundamental strengths are still there and we see the potential for more returns for members.’

Earlier speaking at the CEO Forum. PM Modi pitched India as a secure and dependable long-term investment destination and said that the expanding economic synergy between the two democracies and welcomed pension giants to participate in India’s long-term growth trajectory by scaling up their footprints.

India is an attractive place to invest due to its strong economic growth and expanding middle class.

“Australian pension funds currently manage assets exceeding four trillion dollars. In India, pension savings are regarded as a sacred trust… India offers your funds opportunities for safe, stable, and sustainable growth. Our endeavour will be to ensure that both your trust and your capital grow,” PM Modi said