Finance Minister chairs meeting of NIIF’s Governing Council
The governing council meeting of National Investment and Infrastructure Fund (NIIF) was chaired by Union Finance Minister Nirmala Sitharaman in North Block, New Delhi. Minister of State for Finance and Corporate Affairs Anurag Thakur was also present at the meet.
About National Investment and Infrastructure Fund (NIIF)
NIIF is India’s first sovereign wealth fund set up by government of India in 2015. It is a fund manager that invests in infrastructure and related sectors in India. It was created with the objective to maximise economic impact especially by infrastructure investment in commercially viable projects.
NIIF is operationalised by establishing three alternative investment funds (AIFs) under SEBI (Securities and Exchange Board of India) regulations.
Government of India’s contribution to AIFs under NIIF scheme is 49% of total commitment. The proposed corpus of NIIF is Rs.40,000 crore (about $6 billion).
NIIF has mandate to seek equity participation from strategic anchor partners like quasi-sovereign, overseas sovereign, bilateral/multilateral investors, as one of the key sources of funds.
Category: Economy & Banking Current Affairs