Country's largest insurer LIC today said it is willing to participate in India's maiden sovereign wealth fund NIIF as the state-owned company's own core focus is also on infrastructure investment.
Country’s largest insurer LIC today said it is willing to participate in India’s maiden sovereign wealth fund NIIF as the state-owned company’s own core focus is also on infrastructure investment.
“LIC has enough funds to invest in NIIF. LIC’s core focus is infrastructure investment. There is no problem in investment quantum,” LIC Chairman S K Roy said.
The government has set up the Rs 40,000 crore National Investment and Infrastructure Fund (NIIF) to facilitate funding in infrastructure projects.
NIIF has already signed MoU with Russia’s Rusnano, ADIA of Abu Dhabi and Qatar sovereign wealth fund QIA to study investment opportunities in the Indian infrastructure sector.
While government holds 49 per cent in NIIF, it is scouting for investors for the remaining 51 per cent. It is in the process of appointing a CEO for NIIF.
The NIIF Governing Council, under chairmanship of Finance Minister Arun Jaitley, met last week and reviewed the progress of India’s maiden sovereign wealth fund and discussed investment proposals and project pipeline.