India and Australia sign uranium pact; AustralianSuper bets another AU$500m on NIIF

New Delhi: India and Australia on Thursday signed a nuclear power deal that will pave the way for uranium supplies from Australia to India, while Australia’s largest pension fund AustralianSuper announced another AU$500 million investment in the National Investment and Infrastructure Fund (NIIF), underscoring deepening strategic and economic ties between the two countries.

After bilateral talks with his Australian counterpart Anthony Albanese, Prime Minister Narendra Modi, who is on a three-day visit to Australia, said the nuclear deal would facilitate the supply of uranium from Australia to India and boost the country’s clean energy ambitions. He also said that the two countries agreed to speed up negotiations on the Comprehensive Economic Cooperation Agreement (CECA) and move quickly to conclude a bilateral investment treaty.

The NIIF investment, announced in conjunction with the Australia-India Annual Leaders Summit in Melbourne, will increase AustralianSuper’s total exposure in India across infrastructure, equity and private markets to AU$3.3 billion. The new commitment follows its AU$240 million investment in NIIF in 2019, which the fund described as one of its best-performing infrastructure bets.

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Quick answers to key questions

•5 QUESTIONS

The Uranium Pact enables the supply of uranium from Australia to India, supporting India’s clean energy goals and nuclear power ambitions.

AustralianSuper’s investment reflects growing confidence in India’s economic growth and reforms to increase long-term capital returns through infrastructure development.

ECTA helps promote bilateral energy cooperation, recognizes the role of both countries in trading energy resources, thereby strengthening mutual energy trade.

Political and legal obstacles to the peaceful use of uranium have previously limited export opportunities, despite a nuclear cooperation pact concluded in 2014.

Yes, AustralianSuper’s commitment is a strong endorsement of India’s growing investment potential and shows opportunities for safe, stable and sustainable growth.

An additional AU$500 million investment in Australian superannuation fund AustralianSuper’s NIIF will take its total India exposure across asset classes to AU$3.3 billion as the two countries step up efforts to deepen economic and investment ties.

The announcement was made on Thursday on the sidelines of the Australia-India Annual Leaders Summit in Melbourne, attended by AustralianSuper CEO Paul Schroder.

The new commitment follows the fund’s initial investment of AU$240 million in NIIF in 2019, which AustralianSuper identified as one of its best-performing infrastructure investments. The fund currently invests approximately USD 2.8 billion in India.

Modi welcomed the announcement in a post on X: “India welcomes the AU$500 million investment from AustralianSuper, announced by their CEO Mr Paul Schroder in Melbourne this morning. This is another glimpse of global confidence in India’s growth and reform trajectory. It also reflects the huge opportunities our dynamic economy offers to global investors.”

In an official statement issued by the Prime Minister’s Office after bilateral talks with his Australian counterpart, Modi said the two countries have decided to accelerate talks on a broader trade pact and strengthen investment cooperation.

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“The Economic Cooperation and Trade Agreement signed in 2022 has steadily expanded our trade and investment horizons. We have now decided to accelerate work on a Comprehensive Economic Cooperation Agreement (CECA) that will be balanced, ambitious and mutually beneficial for both countries. We will also move rapidly on the issue of a bilateral investment treaty,” Modi said.

India’s merchandise exports to Australia fell 15.1% to $7.28 billion in FY26 from $8.58 billion a year earlier. Total bilateral merchandise trade fell to $21.09 billion in FY26 from $24.10 billion in FY25, while India’s trade deficit with Australia stood at around $6.52 billion.

On clean energy cooperation, Modi said, “Our renewable energy partnership shapes our clean energy and climate efforts. We place special emphasis on investment, technology transfer and cross-industry cooperation,” Modi said.

Highlighting the progress under the Prime Minister’s Surya Ghar Yojana, Modi said India and Australia have jointly established the Rooftop Solar Training Academy in Gujarat to build capacity among women and youth.

Meanwhile, AustralianSuper chief investment officer Shaun Manuell said the fund’s experience with NIIF had strengthened his belief in India. “Our experience with NIIF shows what can be achieved when long-term capital is combined with visionary policies, trusted institutions and strong partnerships,” said Manuell.

He said India’s strong economic growth, expanding middle class and improving investment environment continue to make it an attractive destination for long-term capital.

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“AustralianSuper is making a second investment in NIIF because these underlying strengths still exist and we see the potential for higher returns for members.”

Established in 2015, NIIF is India’s sovereign-backed investment platform that mobilizes long-term domestic and overseas capital for infrastructure and other strategic sectors.

The latest commitment comes just days after the center approved another ₹30,000 crore investment in NIIF, doubling the total commitment of the government ₹60,000 million crowns. The additional funding will be supported by Infrastructure Fund II, the successor to NIIF’s flagship infrastructure fund,