USL networth more than halves in 4 yrs

USL networth more than halves in 4 yrs

Firm calls for an EGM on January 22

Following the first meeting of the National Investment and Infrastructure Fund (NIIF), Finance Minister Arun Jaitley said that proposals of participation, including by major sovereign funds across the world, were being considered for forming the corpus of the Rs 40,000-crore fund.

“The NIIF governing council would meet again in March to review the progress in this regard,” Jaitley said, adding, “Several sovereign and pension funds across the world have expressed their interest in participating in the NIIF.”

Global interest
The progress with regard to the proposals of sovereign funds from the UAE, the UK and Russia were particularly discussed, including the expressions of interest from other countries, Jaitley, who heads the NIIF Governing Council, told reporters here after the meeting.

While the government will contribute Rs 20,000 crore to the fund, another Rs 20,000 crore is expected to come from private investors. The Union Cabinet in July approved the creation of the NIIF with a corpus of Rs 20,000 crore for development of infrastructure projects, including the stalled ones.

Tuesday’s meeting discussed formalities like the fund’s registration with Sebi, and appointment of advisors as well as possible infrastructure projects that could be taken up, he said.

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