Home » National » Union Finance Minister Smt. Nirmala Sitharaman chairs 5th Meeting of Governing Council of National Investment and Infrastructure Fund (NIIF)

Union Finance Minister Smt. Nirmala Sitharaman chairs 5th Meeting of Governing Council of National Investment and Infrastructure Fund (NIIF)

New Delhi:17/11/22: Union Minister for Finance & Corporate Affairs, Smt. Nirmala Sitharaman chaired the 5th meeting of the Governing Council (GC) of National Investment and Infrastructure Fund (NIIF), in New Delhi, yesterday (17th Nov. 2022) late evening.

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 (NIIFL) and Japan Bank for International Development (JBIC). 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 (NBFCs), 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 (NPLs) 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 Finance Minister exhorted the NIIFL team also to explore opportunities under the National Infrastructure Pipeline, PM GatiShakti and National Infrastructure Corridor, which include a big pool of investible greenfield and brownfield investment projects, and to try and crowd in commercial capital into those opportunities.

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. 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. 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 Shri Ajay Seth, Secretary, D/o Economic Affairs; Shri Vivek Joshi, Secretary, D/o Financial Services; Shri Dinesh Khara, Chairman, State Bank of India (SBI); Mr. Hemendra Kothari, Chairman, DSP Group; and Mr. T.V. Mohandas Pai, Chairman, Manipal Global.

About Editor in chief

Ashok Palit has completed his graduation from Upendranath College Soro, Balasore and post graduation from Utkal University in Odia Language and literture.. He has also carved out a niche for himself as a scribe of eminence after joining the profession in 1988. He is also an independent media production professional. He brings loads of experience to Advanced Media, Ashok Palit as a cineaste has been active in film criticism for over three decades. As a film society activist, he soared to eminence for his profound commitment to the art film appreciation and aesthetics of cinema. His mode of discourse is often erudite but always lucid and comprehensible marked by a perfect acumen so rare in the field. A film aesthete with an immense fond of critical sensibilities, he wrote about growth and development of odia cinema in New Indian Express, The Times of India, The Hindustan Times, The Asian Age and Screen. He has been working as an Editor for Cine Samaya from 2002-2004.. He had made solid contribution on cinema in many odia Dailies and weekly such as Samaj, Prajatantra, Dharatri, Samaya, Satabadi, and weekly Samaya.

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