PANAJI: One of the largest sovereign funds in the world, the

will invest $50 billion into India, especially into infrastructure and food processing capacity, said Union minister for commerce and industry

here on Friday.

Speaking at the Global Venture Capital Summit, Prabhu announced that he had also asked the International Finance Corporation to help attract other sovereign funds and global pension funds to invest into India.

“The agreement has been signed yesterday. The largest sovereign wealth fund in the world is interested in investing in India in a big way,” Prabhu announced at the event.

He said that he had spoken to Sheikh Hamed bin Zayed Al Nahyan, the managing director of the Abu Dhabi Investment Authority (ADIA) about the possibility of ADIA investing $50 billion dollars. “Of course, they can invest more,” Prabhu said.

The Union minister said that India’s economy offered better returns and the risks associated with India were lower.