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Jaitley discusses sovereign wealth fund roadmap

New Delhi, June 8: Fince Minister Arun Jaitley on Wednesday discussed the operatiolisation of India’s first Rs 40,000 crore sovereign wealth fund, the tiol Investment and Infrastructure Fund (NIIF).

“Second meeting of the governing council of the NIIF was held under the chairmanship of Arun Jaitley to review the status of actions taken for the operatiolisation of the NIIF and to provide the road map for further activities,” the Fince Ministry said in a statement.

Jaitley also launched NIIF website here on Wednesday during the second governing council meet of the sovereign wealth fund. The council discussed the long term investors, sovereign wealth funds and pension funds, which are seeking to invest in the NIIF, the statement said.

The progress on the MoUs (memorandum of understanding) for investment in NIIF with several investors such as Abu Dhabi Investment Authority from UAE, open joint-stock company Rusno from Russia and Qatar Investment Authority, Qatar were also discussed, it said. Fincial Times, London has adjudged NIIF as the most innovative structure in Asia Pacific under fince category. The guidelines for investment of the corpus of NIIF were also discussed at the meeting. “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,” it said. (ians)

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Ankur Kalita