India
and the UK announced the launch of an Early Market Engagement for the joint
UK-India Fund, namely a Green Growth Equity Fund which aims to leverage private
sector investment from the City of London to invest in green infrastructure
projects in India.
Both governments
reaffirmed their commitment to anchor invest up to £120 million each (i.e.
totally £ 240 million) in the joint fund which will be established under the
NIIF framework. To begin with, the fund aims to raise around £500 million, with
the potential to unlock much more in future. This was announced at the
bilateral meeting between Shri Arun Jaitley, the Hon’ble Minister of
Finance, Defence and Corporate Affairs, Government of India, and Rt Hon Philip
Hammond MP, Chancellor of the Exchequer, Government of UK in Delhi yesterday.
The two Finance Ministers announced that initial investments will focus on
India’s rapidly growing green energy and renewable market and that a Fund
Manager is expected to be selected in the next few months. Progress will be
accelerated through early market engagement via the publication of a blueprint,
with the aim to identify additional and complementary sectors for fund
investments.
Details
are available on http://www.niifindia.in/images/Blueprint%20GGEF.PDF
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DSM/KA