(Bloomberg) -- ANZ Group Holdings Ltd. is in discussions with Australian pension funds about investing in India’s infrastructure assets and its debt market, according to a senior bank official.

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“We are currently in talks with a few Australian pension funds to bring them to India,” Mark Whelan, group executive of institutional at the bank, said in an interview in Mumbai. “We are looking at establishing a holistic business relationship with them.”

ANZ will help pension funds by identifying suitable assets as well as connect them to potential investment opportunities as an intermediary, Whelan said, without naming the funds.

India’s infrastructure sector is in need of substantial funding, while Australian funds are looking for investment opportunities globally due to limited domestic options. India’s ruling party has committed to prioritize infrastructure in its campaign manifesto as Prime Minister Narendra Modi seeks a third term in elections that kicked off Friday.

The South Asian nation’s infrastructure spending is expected to double, reaching nearly 143 trillion rupees ($1.7 trillion) in the next seven fiscal years through 2030, according to a note from Crisil Ratings. That presents opportunities for Australia’s A$3.7 trillion ($2.4 trillion) pensions industry, the world’s fourth largest. Its assets are projected to more than triple to A$13.6 trillion by 2048, as per a Mercer report.

Additionally, Indian government bonds are becoming an attractive investment avenue, as they will be included in JPMorgan Chase & Co.’s flagship emerging markets bond index from June.

“Investing in government bonds via foreign portfolio route is an attractive bet for Australian pension funds as Indian sovereign securities are offering 7%-7.50%,” Whelan said. It provides a chance for large Australian pension funds to deploy their capital, he added.

ANZ has doubled its capital base in India to A$600 million over the past two years, he said.

ANZ Group Chief Executive Officer Shayne Elliott last month told Bloomberg he aims to grow the firm’s presence in India as customer needs shift with changing global trade patterns. The strategy also includes reducing positions it holds in banks in Malaysia, China and Indonesia.

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