Oman’s State General Reserve Fund (SGRF), a sovereign wealth fund, plans to support a joint venture that aims to facilitate investment in India’s power sector, a report said.

SGRF will join Canada-based La Caisse de dépôt et placement du Québec (CDPQ), a leading institutional fund manager and Kuwait Investment Authority (KIA), a sovereign wealth fund in backing the platform company set up by India’s Tata Power and ICICI Venture, added the Oman Observer report.

The plat plans to raise an initial capital of up to $850 million to be contributed by the sponsors and partner investors either directly or through their affiliates, according to the report.

“This can be upsized going forward, depending on market opportunities. The platform targets acquisition of controlling stakes in power generating companies, both conventional thermal, hydroelectric and transmission assets in India,” the co-sponsors were quoted as saying in the report.

Abdulsalam al Murshidi, executive president of SGRF, said: “We are excited to be part of this Platform that combines the expertise of two of India’s leading business groups along with international reputed institutional investors.”

“We are also particularly thrilled to invest in the world’s fifth largest electricity producing country and increase our exposure to Indian infrastructure, a key beneficiary of India’s economic development.”

“It has been our constant endeavour to leverage opportunities in the Indian power sector and create stakeholder value through organic and inorganic means,” Anil Sardana, CEO & MD, Tata Power, was quoted as saying in the report.

“This Platform is one such step in this direction for assets that would be win-win for all stakeholders as it would be value accreting considering the assets would be near-completion or already operating. We are happy to have co-sponsor and investors of tremendous reputation namely ICICI, CDPQ, KIA and SGRF and we hope this would generate good value for them too,” he added.