Investments Current Affairs

First Investment Agreement signed between NIIF and Abu Dhabi Investment Authority

India’s National Investment and Infrastructure Fund (NIIF) of India on has signed an investment agreement worth $1 billion with Abu Dhabi Investment Authority (ADIA). With this, ADIA became first institutional investor in NIIF’s Master Fund and shareholder in NIIF’s investment management Company. NIIF is claimed to be India’s first sovereign wealth fund.

Background

The agreement was signed in pursuant to Memorandum of Understanding (MoU) between Department of Economic Affairs (DEA), Finance Ministry and Government of United Arab Emirates (UAE) to mobilise long term investment into NIIF.

National Investment and Infrastructure Fund (NIIF)

The Union Government has set up NIIF in 2015 with aim to attract investments from both domestic and international sources for infrastructure development in commercially viable projects both Greenfield and Brownfield, including stalled projects. It was envisaged to be Category II Alternative Investment Funds (AIFs) under SEBI Regulations. It will also serve as an umbrella fund with several funds underneath it.

It has proposed corpus of Rs. 40,000 crores (around $6 Billion).  Government’s contribution to NIIF is 49% of total commitment at any given point of time. NIIF has been mandated to solicit equity participation from strategic anchor partners, like overseas sovereign, quasi-sovereign, multilateral and bilateral investors.

Two companies viz. NIIFTL, trustee of fund and NIIFL, investment management company of NIIF were incorporated in 2015. Besides, Governing Council also has been set up under chairmanship of Union Finance Minister to act as an advisory council to NIIF.

Few investors of NIIF

NIIF has singed MoUs with Government of UAE, RUSNANO, QIA, RDIF and Japan Overseas Infrastructure Investment Corporation for Transport & Urban Development (JOIN). In addition, DEA has signed terms for cooperation on NIIF with UK Treasury and US Treasury. Besides, India-UK Green Growth Equity Fund (GGEF) also has been announced in April 2017.

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India, Japan ink 15 agreements for enhancing bilateral co-operation

India and Japan have signed 15 agreements for enhancing bilateral cooperation in several key areas including investment promotion, civil aviation, and science and technology.

The agreements were signed in presence of Prime Minister Narendra Modi and his Japanese counterpart Shinzo Abe after 12th annual summit talks in Gandhinagar, Gujarat. Both leaders also reviewed entire spectrum of bilateral cooperation.

Some of Signed Agreements

  • MoU on International Academic and Sports Exchange
  • MoC in field of Japanese Language Education in India
  • Exchange of RoD on Civil Aviation Cooperation (Open Sky)
  • MOC between Ministry of Home Affairs and Cabinet Office of Japan
  • India-Japan Investment Promotion Road map between DIPP and METI
  • MoU between DBT and National Institute of Advanced Science & Technology (AIST)
  • Arrangement between India Post and Japan Post for the Implementation of Cool EMS service.
  • MoU between RIS and IDE-JETRO for promotion of Cooperation in Research Related Activities.
  • MOC between METI and Gujarat on ‘Japan-India special programme for Make In India’ in Mandal Bechraj-Khoraj in Gujarat
  • India-Japan Act East Forum: To enhance connectivity and promote developmental projects in North East India in efficient and effective manner.
  • Joint Research Contract India’s Department of Biotechnology (DBT) and between National Institute of Advanced Industrial Science & Technology (AIST), Japan.
  • Agreement for International joint exchange programme between interdisciplinary theoretical and mathematical sciences programme, RIKEN and National Centres for Biological Sciences.

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