Jaitley-led panel reviews status of NIIF

NEW DELHI: A panel headed by finance minister Arun Jaitley on Wednesday took stock of the progress made on operationalising India’s maiden sovereign wealth fund

NEW DELHI: A panel headed by finance minister Arun Jaitley on Wednesday took stock of the progress made on operationalising India’s maiden sovereign wealth fund NIIF, including the selection of its CEO and projects shortlisted for investments.

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The second governing council meeting of the Rs 40,000 crore National Investment and Infrastructure Fund (NIIF) also discussed the follow-up action being taken on the deals signed with Rusnano of Russia, ADIA of Abu Dhabi and Qatar Investment Authority.

“The governing council was apprised of the interactions that have been held with long term investors, sovereign wealth funds and pension funds from across the globe, seeking to invest in the NIIF,” a finance ministry statement said.

“NIIF starts considering specific investment proposals. Focus is on infrastructure projects. Looking at early approval... shelf of projects being shared with investors ,” economic affairs secretary Shaktikanta Das said.

Set up in December 2015, NIIF will act as an investment vehicle for funding commercially viable greenfield, brownfield and stalled projects. The government is in the process of appointing a CEO for NIIF, in which it holds 49% while the rest will be held by private investors.