NIIF Current Affairs

Sujoy Bose appointed as first CEO of NIIF

The Union Government has appointed Sujoy Bose as the first Chief Executive Officer (CEO) of National Investment and Infrastructure Fund (NIIF).

His selection for the CEO of NIIF was recommended by a search-cum-selection committee under the chairmanship of Economic Affairs Secretary Shaktikanta Das.

About Sujoy Bose

  • Prior to this appointment, he was the Director and Global Co-Head of Infrastructure and Natural Resources at International Finance Corporation (IFC), the private sector lending arm of the World Bank.
  • He has rich experience at international level in the infrastructure sector, including experience in raising funds from international investors.
  • He had worked at IFC for over 23 years where he had served as chief investment officer (CIO) and head of IFC African Latin American and Caribbean Fund at IFC Asset Management Company.

About National Investment and Infrastructure Fund (NIIF)

  • NIIF is India’s quasi sovereign wealth fund (SWF) formed to attract investment from both domestic and international sources for infrastructure development in the counry.
  • It has been incorporated as a company under the Companies Act, 2013 and has been duly authorized to act as investment manager of the fund.
  • The objective of NIIF is to maximize economic growth of the country mainly through infrastructure development in commercially viable projects (both greenfield and brownfield), including stalled projects.
  • For the investment purpose, NIIF will solicit equity participation from strategic anchor partners.
  • An initial budgetary allocation of 4000 crore rupees has also been made in 2016-17 Union Budget. However, Government will make further allocation when necessary.

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Union Cabinet gives nod to India, UAE MoU on NIIF

The Union Cabinet has given its approval for a MoU between India and United Arab Emirates (UAE) to mobilise long-term investment in National Investment and Infrastructure Fund (NIIF).

Decision in this regard was taken by Union Cabinet meeting chaired by Prime Minister Narendra Modi in New Delhi.

Key facts

  • The MoU will help establish a transparent and high-level framework and collaboration platform for both countries.
  • Under this platform both countries will explore ways to facilitate and expand the participation of UAE’s investment institutions in appropriate infrastructure projects and institutions in India including NIIF.
  • Under this MOU, a joint working group comprising of the concerned representatives of both parties would be established to take forward cooperation and to discuss and agree the terms, principles and criteria jointly.

Background

  • In August 2015, during Prime Minister Narendra Modi’s visit to UAE both countries had agreed to establishment of UAE-India Infrastructure Investment Fund.
  • The aim of the fund was to reach a target of 75 billion dollars to support investment in India’s plans for rapid expansion of next generation infrastructure.

About National Investment and Infrastructure Fund (NIIF)

  • The NIIF has been established by Union Government as a Category II Alternate Investment Funds (AIF) as per the regulations of the Securities and Exchange Board of India (SEBI).
  • The objective of NIIF is to maximize economic growth of the country mainly through infrastructure development in commercially viable projects (both greenfield and brownfield), including stalled projects.
  • For the investment purpose, NIIF will solicit equity participation from strategic anchor partners.

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