National Investment And Infrastructure Fund To Expand Its Fund Size
National Investment and Infrastructure Fund will expand the size of its Master Fund to $2.8 billion.
The National Investment and Infrastructure Fund will expand the size of its Master Fund to $2.8 billion from $2.1 billion currently, according to a government official.
The timing of closure of NIIF’s Master Fund—an infrastructure fund that focuses on investing in operating assets in the core infrastructure sectors such as roads, ports, airports and power—has also been extended by a year, the official said on condition of anonymity.
This, the official said, will help the state-backed fund in investing in more projects.
NIIF, an investor-owned fund manager floated in 2015, is anchored by the Indian government in collaboration with global and domestic institutional investors. The government has fixed its stake at 49 percent in NIIF and the rest is split between foreign and local private investors. It manages three funds, registered as alternative investment funds with Securities and Exchange Board of India, that have distinctive investment mandates.
Investors have already committed $1.8 billion to the NIIF Master Fund, and the fund has invested $300 million so far, the official quoted earlier said, adding that the government is in talks with investors to add two more funds under NIIF.