First meeting for NIIF held

The government held its first meeting for the setting up of the proposed National Investment and Infrastructure Fund (NIIF). As a part of the meeting, the broad roadmap for future activities of the fund was discussed, including formalities in relation to the formation of the fund, the registration of the fund under different legislations as required, the initial appointment of advisers to the fund, and the registration of the fund with the Securities and Exchange Board of India. The Ministry of Finance (MoF) intends to appoint the fund’s chief executive officer by end-January as well as tie up with one or two big investors to invest in the NIIF. The MoF has appointed India Infrastructure Finance Company Limited as investment adviser to the NIIF and IDBI Capital Market Services as an adviser to NIIF Trustee Limited, initially for six months and one year respectively. The government has budgeted a contribution of Rs 200 billion to the fund in the current fiscal year while another Rs 200 billion is expected to be raised via sovereign wealth funds.

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