New Delhi: Finance Minister Nirmala Sitharaman has asked National Investment and Infrastructure Fund (NIIF) to explore opportunities under the National Infrastructure Pipeline (NIP), PM GatiShakti and National Infrastructure Corridor, which include a big pool of investible greenfield and brownfield investment projects. The NIIF's investment should try and crowd in commercial capital into those opportunities, the Finance Ministry said in a statement on Thursday.
Sitharaman, while chairing the 5th meeting of the Governing Council (GC) said, the two infrastructure non-banking financial companies (NBFCs), where NIIF has majority stakes, have increased their combined loan book five-fold from Rs 4,200 crore to Rs 26,000 crore in three years without experiencing any non-performing loans (NPLs) till date.
NIIF, India's quasi-sovereign wealth fund, has developed into an internationally credible and commercially viable investment platform, backed by several highly respected global and domestic investors who have invested alongside the government in NIIF Funds, said an official statement.
NIIF's first bilateral fund – an 'India Japan Fund' with contribution from the government has been proposed through an MoU between National Investment and Infrastructure Fund Limited (NIIFL) and Japan Bank for International Development (JBIC).
The MoU was signed recently on November 9, and this key update regarding bilateral engagements of NIIF was endorsed by the GC, it said.
The GC also guided NIIF to undertake advisory activities pro-actively to support central and state governments to create a pipeline of investible PPP projects, it said.
During the meeting an update on the progress made by NIIF over the last few years and key learnings from its investment operations were presented to the Governing Council, it said.
The GC was apprised of the current status of the 3 funds that are currently managed by NIIFL the Master Fund, the Fund of Funds (FoF), and the Strategic Opportunities Fund (SoF).
The sectors that these funds focus on, the status of fund raise, and the kind of investments that have been made under them were shared with the GC, it said, adding, the GC was informed about the investments and performance of NIIF operating companies in sectors such as ports and logistics, renewable energy, and digital infrastructure besides its foray into sectors such as waste management, water treatment, healthcare, EV manufacturing.
The other members of the GC that attended the meeting were Economic Affairs Secretary Ajay Seth, Financial Services Secretary Vivek Joshi, State Bank of India chairman Dinesh Khara, Hemendra Kothari, Chairman, DSP Group, and T V Mohandas Pai, Chairman, Manipal Global.
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