New Delhi, Oct. 21 -- The $600 million India-Japan Fund (IJF) has deployed just over a third of its capital to date and will be done fully deploying funds within the next three years, a top executive at the fund said.

IJF recently made a $57 million investment in commercial EV maker EKA Mobility. The company builds electric buses, cargo vehicles, and three-wheelers.

"With the investment in EKA Mobility, we've deployed 34% of our capital. Over the next two-three years, we're confident of deploying the balance," Krishna Kumar, partner and fund head of IJF told Mint in an interview.

IJF is a part of the National Investment and Infrastructure Fund (NIIF), an alternative asset manager anchored by the Indian government. The NIIF is a quasi-s...