New Delhi: In a significant development in the India-Oman economic partnership, the third tranche of the Oman-India Joint Investment Fund has been announced, marking a major milestone in trade and capital cooperation between the two nations.

Foreign Secretary Vinay Kwatra, in a special briefing at the Ministry of External Affairs on Saturday, highlighted the importance of this achievement during the State Visit of the Sultan of Oman, Haitham bin Tarik, to India.

"An important achievement in terms of India-Oman trade and capital cooperation was the announcement of the third tranche of the Oman-India Joint Investment Fund," he said.

The Foreign Secretary also said that the Oman-India Joint Investment Fund, a 50-50 joint venture between the State Bank of India and the Oman Investment Authority, aims to bolster economic ties by directing investments into the fastest-growing sectors of the Indian economy.

"This fund would be worth 300 million dollars, approximately 2500 crores, purely as a point of elaboration. The fund was established as a 50-50 joint venture between the State Bank of India and the Oman Investment Authority, which essentially channelled investments into the fastest-growing sectors of the Indian economy," Kwatra added.

The fund's earlier two tranches, valued at 100 million and 200 million dollars, respectively, laid the groundwork for a strong economic alliance. "The initial two tranches--the first valued at 100 million and the second at roughly 200 million--captured the underlying belief between the two countries and leadership, forging a very strong base of economic ties through direct capital investments in the growing sectors of the Indian economy. The third tranche, as mentioned, is 300 million," said Kwatra.

The announcement of the third tranche of the Oman-India Joint Investment Fund not only signifies a substantial financial commitment but also cements the long-term vision of both nations to deepen economic and cultural ties.

Earlier in the day, Prime Minister Narendra Modi held delegation-level talks with the Sultan of Oman, Haitham bin Tarik, at Hyderabad House in New Delhi.

The two leaders adopted a new 'India-Oman joint vision, a partnership for future' under which both countries will work in ten different areas.

The Sultan of Oman was also accorded a ceremonial reception at the forecourt of Rashtrapati Bhavan in New Delhi on Saturday, the second day of his state visit to India.

The Sultan was received by Union Minister of State (MoS) for External Affairs, V Muraleedharan, as he arrived at the Delhi airport on Friday for a three-day State visit.