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FM reviews work done so far by NIIF

By TIOL News Service

NEW DELHI, JULY 15, 2017: THE third Meeting of the Governing Council of the "National Investment and Infrastructure Fund (NIIF)" was held here yesterday under the Chairmanship of the Union Finance Minister, Mr Arun Jaitley where in the Finance Minister reviewed the performance of NIIF so far and action taken by it in order to attract investment from foreign Soverign Wealth Funds among others in the infrastructure sector in the country.

It was informed that

(i) Strong investment pipeline with investment opportunities is under consideration in the roads, ports, aviation and power sectors.

(ii) NIIF is considering investments in third party managed funds focused on clean energy (Green Growth Fund already committed), affordable housing and medium sized infrastructure companies.

The Governing Council expressed its desire for NIIF to function as a major platform in India, to leverage and attract overseas long-term investments in various infrastructure sectors in the Country.

As far as the issue of the Fund raising is concerned, it was informed that:

(i) Master Contribution Agreement has been signed between Secretary, Department of Economic Affairs, Ministry of Finance, Government of India and National Investment and Infrastructure Fund Limited (NIIFL). The Agreement has been executed to formalize the commitment of INR 20,000 crores by Government of India to National Investment and Infrastructure Fund (NIIF).

(ii) Following this Agreement, steady progress on fund-raising efforts with several international institutional investors, following-up on MoUs signed by Govt of India has been made.  A first close of NIIF is expected very soon.

(iii) The NIIF Governance Structure has been developed with technical assistance from DFID, UK which has been further reviewed and confirmed by Stanford University's Global Project Centre under the MOU with the US Treasury.

As far as the Operational Status of NIIF is concerned, it was informed that :

(i) A team of twelve staff, including the CEO, National Investment and Infrastructure Fund Limited is now in place. Further recruitments of high quality staff through a global search process is underway. Strong international response to hiring efforts and advertisements for recruitment of expert staff has been received.

(ii) The establishment of NIIF's permanent Delhi office is complete and the establishment of its head office in Mumbai is currently under refurbishment. NIIF staff are already operating in a hired space.

Mr Subhash Chandra Garg, Secretary, Department of Economic Affairs (DEA), Ms Anjuly Chib Duggal, Secretary, Department of Financial Services (DFS), Mr T.V. Mohandas Pai and Mr Hemedra Kothari, Members of the Governing Council and other senior officials were present during the aforesaid meeting.


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