FM reviews National Investment Fund

Finance Minister Arun Jaitley on Wednesday reviewed progress made on Rs 40,000 crore National Investment and Infrastructure Fund. The discussions revolved among other things on the guidelines for investment in the corpus of NIIF, including the Investment Policy.

This was the second meeting of the Governing Council of  NIIF. “The Governing Council was apprised of the interactions that have been held with a large number of long term investors, Sovereign Wealth Funds, Pension Funds from across the globe, seeking to invest in the NIIF,” an official statement said.

These include the discussions held during the India Investment Summit held in February and during investment meetings led by the finance minister in Australia, United States and Japan.

The meeting was also informed about the government’s follow up action on the Memorandum of Understanding singed with several investors such as ADIA from UAE, RUSNANO OJSC from Russia and Qatar Investment Authority.

The Council was also apprised of the status of the various establishment activities of the NIIF since its last meeting held in December 2015. The NIIF would have various sector-specific or investor-specific close ended funds and each fund may issue various classes of units.

The government along with other investors would subscribe to the units of various funds. The units, investment strategy and accounts of each fund shall be distinct from and independent of the other funds.