Indian government-backed investment platform National Investment and Infrastructure Fund Limited (NIIF) on Wednesday said it has invested $200 million for a majority stake in iBUS Network and Infrastructure Ltd.
iBus, a provider of wireless solutions in buildings, said the funds will be used to scale its operations through organic and inorganic growth initiatives.
Founded in 2013 by Sunil Menon, Subash Vasudevan, and Ram Sellaratnam, the firm claims to have a presence in 1500+ sites covering 1 billion square feet of tenanted area across 40+cities in India.
With the newly raised fund, iBUS also aims to expand its presence in new emerging sectors (such as IoT solutions) and strengthen its position in in-building solutions, outdoor small cells, and managed WiFi services. Additionally, the investments will be directed towards developing new infrastructure solutions to address evolving market demands and technological advancements.
NIIF manages over $4.9 billion of equity capital commitments across its four funds – Master Fund, Private Markets Fund, Strategic Opportunities Fund, and India-Japan Fund — each with a distinct investment strategy committed to support the country’s growth needs.
While the government of India owns a 49% stake in NIIF, 51% of it is owned by investors including Abu Dhabi Investment Authority, Asian Infrastructure Investment Bank (AIIB), Asian Development Bank (ADB), CPP Investments, Temasek, and the Ontario Teachers’ Pension Plan.
In February, NIIF committed $25 million (Rs 207 crore) to mid-market private equity firm Amicus Capital Partners’s second India fund.
In October, electric bus maker PMI Electro Mobility Solutions raised $30 million (Rs 250 crore) in the form of convertible securities from Piramal Alternatives, the fund management business of the Piramal Group.
Previously, GreenCell Mobility received $55 million in sanctions from ADB, AIIB, and the Clean Technology Fund to develop 255 electric battery-powered buses.