Following positive feedback of several sovereign and pension funds from abroad in participating in the National Investment and Infrastructure Fund (NIIF), Finance Minister Arun Jaitley said its governing council will review this at a meeting in March 2016.
“The progress with regard to the proposals of sovereign funds from the UAE, UK (Britain) and Russia were particularly discussed, including the expressions of interest from other countries,” Jaitley, who heads the NIIF Governing Council, told reporters in Delhi after a meeting.
The NIIF is expected to generate an initial corpus of Rs 400 billion. In July the cabinet had approved the creation of the NIIF with a corpus of Rs 200 billion for development of infrastructure projects, including reviving the stalled ones.
The process of appointing a CEO for the fund is on and it has been advertised both locally and abroad. “We hope to complete the process of appointment in the next few weeks,” Jaitley said.