Finance minister Nirmala Sitharaman had already announced about the capital infusion proposal on November 12 while unveiling the third stimulus package, AatmaNirbhar Bharat 3.0, to boost the economy(Sanjeev Verma/HT PHOTO)
Finance minister Nirmala Sitharaman had already announced about the capital infusion proposal on November 12 while unveiling the third stimulus package, AatmaNirbhar Bharat 3.0, to boost the economy(Sanjeev Verma/HT PHOTO)

Cabinet clears Rs 6,000 cr for NIIF

The government would infuse Rs 6,000 crore in the NIIF debt platform in the next two years to help it raise up to Rs 1.10 lakh crore for investments, minister of information and broadcasting Prakash Javadekar said after the Cabinet meeting
By HT Correspondent | Livemint, New Delhi
UPDATED ON NOV 26, 2020 01:19 AM IST

The Cabinet on Wednesday approved Rs 6,000 crore capital infusion in National Investment and Infrastructure Fund (NIIF), government-backed entity created to provide long-term capital to the infrastructure sector.

The government would infuse Rs 6,000 crore in the NIIF debt platform in the next two years to help it raise up to Rs 1.10 lakh crore for investments, minister of information and broadcasting Prakash Javadekar said after the Cabinet meeting.

Finance minister Nirmala Sitharaman had already announced about the capital infusion proposal on November 12 while unveiling the third stimulus package -- AatmaNirbhar Bharat 3.0 -- to boost the economy. The Cabinet on Wednesday gave it a formal approval.

The Cabinet approved equity infusion in the debt platform sponsored by NIIF comprising of Aseem Infrastructure Finance Limited (AIFL) and NIIF Infrastructure Finance Limited (NIIF-IFL), subject to certain condition, an official statement said.

AIFL will predominantly focus on under construction, Greenfield and brownfield assets with less than one year of operations. NIIF IFL will operate as a take-out vehicle for mature operating assets. It will help infrastructure investors in replacing high cost bank finance with cheaper IDF finance post-commissioning, it said.

As per the approval, only Rs 2,000 crore would be allocated in 2020-21, it said. “However, in view of the unprecedented financial situation and availability of limited fiscal space due to the prevailing Covid-19, the proposed amount may be disbursed only if there is readiness and demand for debt raising,” it added.

“NIIF will take all necessary steps to use the equity investments from domestic and global pension funds and sovereign wealth funds expeditiously,” it added.

The NIIF Strategic Opportunities Fund (NIIF SOF) has already set up NBFC Infra Debt Fund and NBFC Infra Finance Company. NIIF, through its Strategic Opportunities Fund has invested Rs.1,899 crore.

The capital infusion by the government will further scale up the potential and impact of the two entities in the infrastructure debt financing space, it added.

“This will also support the efforts of the platform to raise international equity. With the fresh infusion of equity by the government, besides the equity already infused by NIIF SOF and potential equity participation from the private sector, the debt platform is expected to raise enough resources to extend debt support of Rs 1,10,000 crore to projects by 2025,” the statement said.

As per the National Infrastructure Pipeline (NIP), investment in infrastructure sector is targeted at Rs 111 lakh crore over the next 5 years across various sub-sectors, creating substantial need for debt financing. This would require at least Rs 60-70 lakh crore in debt financing, it said.

SHARE THIS ARTICLE ON
app
Close
India vaccinated 148,266 people on Monday, taking the total to 381,305. (Bloomberg)
India vaccinated 148,266 people on Monday, taking the total to 381,305. (Bloomberg)

Indian companies consider buying vaccines for employees

Reuters
PUBLISHED ON JAN 18, 2021 11:31 PM IST
Steel producer Jindal Steel and Power Ltd, autos-to technology conglomerate Mahindra Group and consumer goods giant ITC Ltd have begun initial checks on vaccines being available to buy after the government covers priority segments.
Close
FILE PHOTO: International Monetary Fund (IMF) Managing Director Kristalina Georgieva makes remarks during a closing news conference for the International Monetary Finance Committee (IMFC), during the IMF and World Bank's 2019 Annual Meetings of finance ministers and bank governors, in Washington, U.S., October 19, 2019. REUTERS/Mike Theiler/File Photo(REUTERS)
FILE PHOTO: International Monetary Fund (IMF) Managing Director Kristalina Georgieva makes remarks during a closing news conference for the International Monetary Finance Committee (IMFC), during the IMF and World Bank's 2019 Annual Meetings of finance ministers and bank governors, in Washington, U.S., October 19, 2019. REUTERS/Mike Theiler/File Photo(REUTERS)

IMF chief sees 'high degree of uncertainty' in global outlook

Reuters
PUBLISHED ON JAN 18, 2021 08:51 PM IST
IMF Managing Director Kristalina Georgieva said a new allocation of the IMF's own currency, Special Drawing Rights, would help give countries more fiscal space to tackle the health crisis and shift to a digital and green economy.
Close
Risks to the recovery could be in the form of additional regulatory measures, protracted restrictions on international travel and jump in the pandemic in new cases, said the report. (Representative Image)
Risks to the recovery could be in the form of additional regulatory measures, protracted restrictions on international travel and jump in the pandemic in new cases, said the report. (Representative Image)

Healthcare sector's revenue expected to grow 20% in 2021-22: Report

PTI
PUBLISHED ON JAN 18, 2021 07:58 PM IST
Domestic rating agency Icra has a stable outlook for the sector in the long-term outlook, given the swift rebound in occupancy as well as structural factors.
Close
After a decent show so far in 2020 despite the pandemic, the IPO market is awaiting a bumper crop with more than 30 IPOs worth over <span class='webrupee'>₹</span>30,000 crore lined up for the new year.(AP/ Representational)
After a decent show so far in 2020 despite the pandemic, the IPO market is awaiting a bumper crop with more than 30 IPOs worth over 30,000 crore lined up for the new year.(AP/ Representational)

IRFC IPO subscribed 65% on first day of offer

PTI
PUBLISHED ON JAN 18, 2021 07:58 PM IST
Price range for the offer, which is scheduled to close on Wednesday, has been fixed at 25-26 per share.
Close
The total amount released so far in 12 instalments is <span class='webrupee'>₹</span>72,000 crore at an average interest rate of 4.70 per cent.(PTI)
The total amount released so far in 12 instalments is 72,000 crore at an average interest rate of 4.70 per cent.(PTI)

GST compensation shortfall: FinMin releases installment of 6,000 cr to states

PTI, New Delhi
PUBLISHED ON JAN 18, 2021 07:00 PM IST
The Centre had set up a special borrowing window in October 2020 to meet the estimated shortfall of 1.10 lakh crore in revenue arising on account of implementation of Goods and Services Tax (GST).
Close
A visitor wearing a face mask to protect against the coronavirus walks among vehicles from Nissan at the Beijing International Automotive Exhibition in Beijing. China.(AP/ File)
A visitor wearing a face mask to protect against the coronavirus walks among vehicles from Nissan at the Beijing International Automotive Exhibition in Beijing. China.(AP/ File)

Nissan to promote Japan-based contract workers to full-time

Bloomberg
PUBLISHED ON JAN 18, 2021 05:34 PM IST
The hiring plan will “enable more efficient and effective business operations as well as improve individuals’ motivation and skills,” Azusa Momose, a spokeswoman for the company said.
Close
After eight years, the RBI under the current Governor Shaktikanta Das has been building up the foreign exchange (forex) reserve.(Mint file photo)
After eight years, the RBI under the current Governor Shaktikanta Das has been building up the foreign exchange (forex) reserve.(Mint file photo)

Forex intervention by RBI to touch USD 93 billion by March: Report

PTI, Mumbai
PUBLISHED ON JAN 18, 2021 05:13 PM IST
The report said they are more confident now that the RBI will continue to buy forex when the dollar is weakening.
Close
The United States put Huawei on a Commerce Department "entity list" in May 2019, restricting suppliers from selling US goods and technology to the company.(REUTERS)
The United States put Huawei on a Commerce Department "entity list" in May 2019, restricting suppliers from selling US goods and technology to the company.(REUTERS)

Trump admin slams China's Huawei, halting shipments from Intel, others: Report

Reuters
PUBLISHED ON JAN 18, 2021 04:38 PM IST
The United States put Huawei on a Commerce Department "entity list" in May 2019, restricting suppliers from selling US goods and technology to it.
Close
Foreign investors bought $2.4 billion worth of Indian stocks in the first two weeks of this month after investing the most since 2012 last year. (PTI PHOTO)
Foreign investors bought $2.4 billion worth of Indian stocks in the first two weeks of this month after investing the most since 2012 last year. (PTI PHOTO)

Sensex closes 470 points lower at 48,564 pts, Nifty ends session at 14,228 pts

Bloomberg
UPDATED ON JAN 18, 2021 04:20 PM IST
India’s equity benchmark fell in line with its regional peers on Monday, extending Friday’s decline. The drop moved the S&P BSE Sensex further away from the key 50,000 level it was looking to breach last week.
Close
The Nifty Metal Index was the worst performing index, falling 4.1% to its lowest since Jan 4.(AP)
The Nifty Metal Index was the worst performing index, falling 4.1% to its lowest since Jan 4.(AP)

Shares hit over 1-week low as shadow lenders drop on fears of tighter rules

Reuters, Bengaluru
PUBLISHED ON JAN 18, 2021 04:08 PM IST
The blue-chip NSE Nifty 50 index fell 1.06% to close at 14,281.3, while the benchmark S&P BSE Sensex was down 0.96% at 48,564.27.
Close
The investment strategy for the new fund will be the same as in the first fund, it said, adding that the investments will be made in three identified themes.(Reuters | Representational image)
The investment strategy for the new fund will be the same as in the first fund, it said, adding that the investments will be made in three identified themes.(Reuters | Representational image)

Tata Capital PE fund raises 1,250 cr to invest in urbanisation, manufacturing

PTI
PUBLISHED ON JAN 18, 2021 03:58 PM IST
The fund has both newer and existing investors, which include global and European fund of funds, Japanese institutions and a leading Asian development finance institution, a statement said.
Close
Mizoram’s first solar power plant has been commissioned at Tlungvel.(Reuters/ Representational photo)
Mizoram’s first solar power plant has been commissioned at Tlungvel.(Reuters/ Representational photo)

Total speeds up renewables push with $2.5 bln investment in Indian solar power

Reuters
PUBLISHED ON JAN 18, 2021 03:44 PM IST
For its investment, Total will get a 20% stake in AGEL and a seat on its board, as well as a 50% share in the Indian firm's portfolio of solar power assets, the French firm said.
Close
IRFC IPO comprises up to 178.20 crore shares, comprising a fresh issue of up to 118.80 crore and offer-for-sale of up to 59.40 crore shares by the government.(iStock)
IRFC IPO comprises up to 178.20 crore shares, comprising a fresh issue of up to 118.80 crore and offer-for-sale of up to 59.40 crore shares by the government.(iStock)

IRFC IPO opens for subscription; wise decision to invest, say experts

By hindustantimes.com | Edited by Shivani
PUBLISHED ON JAN 18, 2021 11:16 AM IST
As per experts, it will be a wise decision to invest in the IRFC IPO due to the strategic role of the Indian railways in financing growth. It also has a low-risk business model and lower credit risk.
Close
The S&amp;P BSE Sensex slid 0.3% to 48,878.1 as of 9:50 a.m. in Mumbai, with three stocks falling for each one that rose.(HT photo)
The S&P BSE Sensex slid 0.3% to 48,878.1 as of 9:50 a.m. in Mumbai, with three stocks falling for each one that rose.(HT photo)

Indian stocks drop for a second day, tracking losses in Asia

Bloomberg
PUBLISHED ON JAN 18, 2021 11:01 AM IST
Foreign investors have bought $2.4 billion worth of Indian stocks this month through Jan 14.
Close
The cryptocurrency could be hurt by an exodus of trend-following investors unless it can “break out” above $40,000 soon.(Reuters)
The cryptocurrency could be hurt by an exodus of trend-following investors unless it can “break out” above $40,000 soon.(Reuters)

Bitcoin retreats from $40,000 level strategists view as key

Bloomberg
PUBLISHED ON JAN 18, 2021 10:27 AM IST
Traders seeking clues about investor appetite for risk have been gripped by Bitcoin’s stunning rally and turbulent 12% slide.
Close
SHARE
Story Saved
OPEN APP