LIC willing to be partner in NIIF: Chairman SK Roy

By: |
New Delhi | June 15, 2016 6:07 PM

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.

While government holds 49 per cent in NIIF, it is scouting for investors for the remaining 51 percent. (Source: IE)LIC chairman said that they have enough funds to invest in NIIF. (Source: IE)

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.

 

Do you know What is ? FE Knowledge Desk explains each of these and more in detail at Financial Express Explained. Also get Live BSE/NSE Stock Prices, latest NAV of Mutual Funds, Best equity funds, Top Gainers, Top Losers on Financial Express. Don’t forget to try our free Income Tax Calculator tool.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Life Insurance and Health Insurance: Why to get insured and which cover is essential?
2IRDAI issues guidelines on professional indemnity policy for insurance intermediaries
3Policybazaar gets insurance broking licence from IRDAI