New Delhi: Union Minister for Finance & Corporate Affairs, Nirmala Sitharaman chaired the 5th meeting of the Governing Council (GC) of National Investment and Infrastructure Fund in New Delhi.
The GC noted that NIIF 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 of India in NIIF Funds.
NIIF’s first bilateral fund – an “India Japan Fund” with contribution from GoI has been proposed through an MoU between National Investment and Infrastructure Fund Limited and Japan Bank for International Development. The MoU was signed recently on 9th November, 2022. This key update regarding bilateral engagements of NIIF was endorsed by the GC.
The GC appreciated that the two infrastructure Non-Banking Financial Companies, where NIIF has majority stakes, have increased their combined loan book from ₹4,200 crore to ₹26,000 crore in 3 years without experiencing any non-performing loans till date.
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.
The Finance Minister asked the NIIFL team to build on the work done so far and leverage India’s attractive investment fundamentals to expand its operations. Smt. Sitharaman encouraged the team to continue discussions with investors from countries that are keen to invest in India.
The other members of the GC that attended the meeting were Ajay Seth, Secretary, D/o Economic Affairs; Vivek Joshi, Secretary, D/o Financial Services; Dinesh Khara, Chairman, State Bank of India; Mr. Hemendra Kothari, Chairman, DSP Group; and T.V. Mohandas Pai, Chairman, Manipal Global.