The finance ministry said that Sujoy Bose has been appointed as the chief executive officer (CEO) of National Investment and Infrastructure Fund (NIIF) Ltd. Bose at present is director at Infrastructure and Natural Resources, International Finance Corporation (IFC). Bose has extensive international experience in the infrastructure sector including experience in raising funds from international investors.

In its statement the finance ministry noted that establishment activities of the NIIF are underway and steps are being taken to operationalize the initiatives with different investors including RUSNANO, Abu Dhabi Investment Authority (ADIA) and Qatar Investment Authority (QIA).

The government has set up NIIF with the aim to attract investment from both domestic and international sources for infrastructure development in commercially viable projects. NIIF has been incorporated as a company under the Companies Act, 2013, duly authorized to act as investment manager of National Investment and Infrastructure Fund.

Functions of NIIF

The functions of NIIF are as follows:

1. Fund raising through suitable instruments including off-shore credit enhanced bonds, and attracting anchor investors to participate as partners in NIIF;
2. Servicing of the investors of NIIF.
3. Considering and approving candidate companies/institutions/ projects (including state entities) for investments and periodic monitoring of investments.
4. Investing in the corpus created by Asset Management Companies (AMCs) for investing in private equity.
5. Preparing a shelf of infrastructure projects and providing advisory services.