Search Result for : Niif

The Dollar Business Bureau In order to mobilise funds into the India’s infrastructure sector, the first investment agreement signed on Monday between National Investment and Infrastructure Fund (NIIF) Master Fund and a fully-owned subsidiary of Abu Dhabi Investment Authority (ADIA). For this, ADIA will do an investment of $1 billion in the NIIF.  “As a part of the agreement, ADIA will become the first institutional investor in NIIF’s Master Fund and a shareholder in the NIIF’s investment management Company,” according to a statement from Ministry of Finance. Along with ADIA and Government of India, six Domestic Institutional Investors (DIIs) including HDFC Asset Management Company Ltd, HDFC Standard Life Insurance Company Ltd, Housing Development Finance Corporation Ltd, Kotak Mahindra Old Mutual Life Insurance Limited, ...

The Dollar Business Bureau India and the UK on Tuesday agreed to set up clean energy projects with combined investments of £500 million. On Tuesday, UK Chancellor of the Exchequer Philip Hammond who is leading a high-profile trade delegation to India, met Finance Minister Arun Jaitely and expressed commitment to invest in India’s clean energy needs. In the first phase, the two countries will invest £120 million each in the joint fund. They, however, vow to raise about £500 million. According to Jaitley, “The Green Growth Equity Fund will be a sub-fund of NIIF. “We have established the NIIF. Our first major step in the fund has been taken and there is going to be a sub-fund. With the NIIF participating in it, ...

The Dollar Business Bureau The government looks to modify the investment norms for the National Investment and Infrastructure Fund (NIIF) to enable investors to co-invest in sovereign wealth fund as well as in other individual projects. Economic Affairs Secretary Shaktikanta Das on Thursday said the norms will be tweaked in line with the existing investment framework, based on suggestions from both domestic and overseas investors. “Earlier we were considering NIIF to be the mother fund under which there would be several sub-funds. Now after interaction with investors from within and abroad we realised that there is equal amount of interest, perhaps greater interest to co-invest in individual projects," Das said. The secretary said a good monsoon, as expected this year, clearance of GST bill and several ...

The Dollar Business Bureau India and Qatar on Sunday inked seven key agreements, including one to attract Qatar’s institutional investors in India’s infrastructure sector and on sharing data on terrorism-financing and money laundering-related crimes. The other bilateral MoUs that the two nations agreed upon were cooperation and investment in skill development and education, customs matters, health, tourism and sports. In addition to the listed agreements, the Indian Prime Minister Narendra Modi identified India’s several sectors including agro-processing, infrastructure, railways and solar energy as potential areas for Qatari investment. Modi, who is currently on a five-nation tour to Afghanistan, Qatar, Switzerland and Mexico, met the Emir of Qatar, His Highness Sheikh Tamim bin Hamad Al Thani on his second leg in Doha, where he engaged ...

The Dollar Business Bureau India’s steel imports in April dropped to its lowest figure in almost a year, as the inbound shipments of the metal fell by over 34 percent.Last month, imports of steel dropped 34.20 percent to 654,000 metric tonnes from 994,000 tonnes in March this year, said a provisional data released by the Steel Ministry.The fall in imports has been significant for various reasons. For one, the drop comes in the background of the government’s prolonged efforts to curb cheap imports of steel from various countries, especially China. India had bought a record 11.2 million tonnes of steel during January-March this year. And second, by far the most significant, a weakening of the Chinese currency thereby adding further woes ...

Source: The Dollar Business Bureau In the backdrop of an increasing tax evasion and terror financing incidents across the globe, India and the US on Thursday agreed to strengthen their cooperation in sharing cross-border tax-information and tackling tax evasion and avoidance. “We are committed to continued collaboration and sharing of experience in tackling offshore tax evasion and avoidance, including joint tax audits and tax examination abroad,” a joint statement issued by Finance Minister Arun Jaitely and US Treasury Secretary Jacob J. Lew said. On Thursday, Jaitley and Lew held a meeting on the sidelines of the sixth annual US-India Economic and Financial Partnership (EFP), which was also attended by the Reserve Bank of India (RBI) Governor Raghuram Rajan and Federal Reserve Chair Janet ...

The Dollar Business Bureau Finance Minister Arun Jaitley will be the chief guest at the two-day UAE-India Economic Forum Meet to be held in Dubai on November 17-18   Finance Minister Arun Jaitley will leave on Sunday on a two-day visit to UAE to take part in the UAE-India Economic Forum Meet to be held in Dubai on November 17-18. The visit, which comes days after the government announced relaxation in FDI procedure in 15 key sectors, is expected to attract more foreign investments from the region. “One of the main objectives of the Finance Minister’s visit is to meet and apprise the UAE-based investors about investment opportunities in various sectors in India including infrastructure, manufacturing, services and National Investment & ...

Source: PIB, Government of India A search-cum- selection committee has been constituted under the chairmanship of Shaktikanta Das, Secretary, Department of Economic Affairs, Ministry of Finance, for selecting a CEO for the Investment Management Company under the National Investment and Infrastructure Fund (NIIF). Other Members of the Search cum Selection Committee are: (i) Anjuly Chib Duggal,Secretary, DFS— Member (ii) Arundhati Bhattacharya— Member (iii) Rathin Roy— Member (iv) Rajiv Kumar— Member The Investment Management Company would actually be responsible for taking investment decision of NIIF corpus. The government’s share in the corpus shall not exceed 49%. The shareholding of the company would reflect the shares of the different investors in the corpus. The salaries of the Investment Team would be market linked. ...