Government sets up Rs. 40000 cr. NIIF
Updated: Dec 29, 2015 05:35:21pm
New Delhi Dec 29 (KNN) In a positive move, the Government has set up a 40000 crore National Investment and Infrastructure Fund (NIIF) and its Chief Executive will be finalised by January end in coming year.
Union Finance Minister Arun Jaitley told that several sovereign funds and pension funds from Russia, Singapore, UK and UAE are willing to participate in the fund and cooperate with it at various levels.
The NIIF Governing Council will meet again in March to review the progress in the participation of the funds that are willing to invest, Jaitley said.
The central Government is expected to invest Rs. 20000 crore in NIIF from the Budget and another Rs. 20000 crore has to come from private investors
Market regulator Security Exchange Board of India (SEBI) has approved the setting up of the NIIF. It has been registered with SEBI as Category II Alternative Investment Fund (AIF) on December 28, 2015.
The NIIF would invest in Greenfield, brownfield and stalled projects.
The Finance Ministry had in October constituted a search- cum-selection Committee under the Chairmanship of Economic Affairs Secretary Shaktikanta Das for selecting a CEO for the Investment Management Company under the NIIF.
The Investment Management Company would be responsible for taking investment decision of NIIF corpus. The government's share in the corpus shall not exceed 49 per cent.
In July, the Cabinet had approved creation of NIIF, a sort of sovereign fund, for development of infrastructure projects, including the stalled ones. (KNN Bureau)
Union Finance Minister Arun Jaitley told that several sovereign funds and pension funds from Russia, Singapore, UK and UAE are willing to participate in the fund and cooperate with it at various levels.
The NIIF Governing Council will meet again in March to review the progress in the participation of the funds that are willing to invest, Jaitley said.
The central Government is expected to invest Rs. 20000 crore in NIIF from the Budget and another Rs. 20000 crore has to come from private investors
Market regulator Security Exchange Board of India (SEBI) has approved the setting up of the NIIF. It has been registered with SEBI as Category II Alternative Investment Fund (AIF) on December 28, 2015.
The NIIF would invest in Greenfield, brownfield and stalled projects.
The Finance Ministry had in October constituted a search- cum-selection Committee under the Chairmanship of Economic Affairs Secretary Shaktikanta Das for selecting a CEO for the Investment Management Company under the NIIF.
The Investment Management Company would be responsible for taking investment decision of NIIF corpus. The government's share in the corpus shall not exceed 49 per cent.
In July, the Cabinet had approved creation of NIIF, a sort of sovereign fund, for development of infrastructure projects, including the stalled ones. (KNN Bureau)
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