The National Investment and Infrastructure fund (NIIF), the sovereign wealth fund of India, has joined Rusnano to create a technology investment fund for projects in India, according to LiveMint.

Rusnano is the Russian government’s venture capital arm. It was created to invest in nanotechnology and companies related to that industry.

The two organisations signed a memorandum of understanding to create the India-Russia High Technology Fund and the High Technology Private Equity Fund. The deal also has provisions for NIIF and Rusnano to create a working group to develop additional agreements on joint work.

NIIF was created by India in December 2015 as a Rs400bn fund to invest in greenfield, brownfield and stalled infrastructure projects.