NIIF-Roadis to set up platform to invest in road projects

Context

  • The National Investment and Infrastructure Fund (NIIF) and global transport infrastructure operator Roadis on Wednesday said they would jointly set up a platform to invest up to $2 billion of equity in road projects in India.
  • After moving at a slow pace for over two years since its inception in December 2015, NIIF has tied up with several investors and is bidding for assets.

National Investment and Infrastructure Fund

  • National Investment and Infrastructure Fund (NIIF) is India’s first sovereign wealth fund that was set up by the Government of India in February 2015.
  • The objective behind creating this fund was to maximize economic impact mainly through infrastructure investment in commercially viable projects, both Greenfield and Brownfield.
  • In Union Budget 2015-16, India’s Finance Minister, announced the creation of National Investment and Infrastructure Fund.
  • It was proposed to be established as an Alternative Investment Fund to provide long tenor capital for infrastructure projects with an inflow of Rs. 20,000 crores from the Government of India.
  •  NIIF was approved in August 2015 by the Department of Economic Affairs. First meeting of its governing council was held in December 2015 further to which it was registered with SEBI as Category II Alternative Investment Fund.
  • In June 2016, Finance Ministry announced that they appointed Mr. Sujoy Bose as Chief Executive Office of National Investment and Infrastructure Fund (NIIF) who was then the director at Infrastructure and Natural Resources, International Finance Corporation (IFC).

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