Modi Govt sets up Investment and Infrastructure fund for Rs 40k Crores

The Indian government today set up the Rs 40,000 Crores National Investment and Infrastructure fund (NIIF) and the CEO will be finalized by January end.

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, Finance Minister Arun Jaitley told reporters.

The India Infrastructure Finance Company Ltd (IIFCL) has been appointed as the investment advisor and IDBI Capital Market Services Ltd as Advisor to NIIF Trustee Ltd initially for six months and one year respectively.

Finance Minister Jaitley said the NIIF Governing Council will meet again in March to review the progress about how the funds will be invested.

The government will invest Rs 20,000 Crores in NIIF, and another Rs 20,000 Crores is expected from private investors.

Image credit: Indiatimes