The First Meeting of the Governing
Council of National Investment and Infrastructure Fund (NIIF) under the Chairmanship
of the Union Finance Minister Shri Arun Jaitley was held here today to oversee and
provide the broad road map for future activities of the NIIF. The following
members of the Governing Council along with the Minister of State (Finance) Shri
Jayant Sinha attended the meeting.
(i)
Finance
Minister - Chairman
(ii)
Secretary,
DEA - Member
(iii) Secretary,
Financial Services - Member
(iv) Ms
Arundhati Bhattacharya - Member
(v)
ShriHemendra
Kothari - Member
(vi) Shri
T.V. Mohandas Pai - Member
The Governing Council, inter-alia,
noted the following developments:
1. Formation
of National Investment and Infrastructure Fund Trustee Ltd., National
Investment and Infrastructure Fund Ltd and registration of National Investment
and Infrastructure Fund as Trust under Indian Trust Act;
2. Appointment of India Infrastructure Finance Company
Ltd (IIFCL) as Investment Advisor to NIIF Ltd and IDBI Capital Market Services
Ltd as Advisor to NIIF Trustee Ltd initially for 6 months and 1 year
respectively.
3. NIIF
has been registered with SEBI as Category II
Alternative Investment Fund (AIF) on December 28, 2015.
4.
Selection process of Chief Executive
Officer (CEO) of NIIF Ltd is underway. Search cum Selection Committee (SCSC) formed under the
Chairmanship of Secretary (Department of Economic Affairs) for appointing CEO
has already met twice. Advertisement, inviting applications for CEO was published in newspaperson
on the 11thDecember, 2015 and also in the Employment News on 26th
December, 2015. Advertisement is also being published in foreign business newspapers
shortlyto get global response.The SCSC is expected to meet in the middle of
January, 2016 to take a view in the matter.
5.
The Governing Council also
noted the possible projects that may be taken-up under the NIIF.
6.
The progress made in
discussions with the soverign wealth funds and pension funds from countries
including UAE, Singapore, Russia and UK was informed.
With a view to maximizing economic
impact through infrastructure development in commercially viable projects, both
greenfield and brownfield, including stalled projects, the Government has
approved the creation of NIIF. The Fund aims to attract investment from both
domestic and international sources.
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DSM/MAM