NEW DELHI, Oct 4 Reuters India39;s quasisovereign wealth fund, the National Investment and Infrastructure Fund NIIF, and the Japan Bank for International Cooperation JBIC launched on Wednesday a 600million fund to invest in sustainability projects.

JBIC will contribute 51 of that figure, and India the rest, the Indian government said in a statement.

The IndiaJapan Fund will target investment in sustainable projects in areas such as renewable energy, emobility and waste management, the NIIF, launched in 2015 as India39;s first statebacked fund, said in a statement.

It will also look to boost collaboration between Indian and Japanese firms amid an unstable world situation and problems such as a severed supply chain, said Hayashi Nobumitsu, the governor of the Japanese bank.

Japanese companies are increasingly interested in entering the Indian market as a relocation destination for a production base or an investment destination, he added.

Reporting by Aftab Ahmed; Editing by Sudipto Ganguly and Clarence Fernandez

Source Reuters