LIC willing to be partner in India’s maiden sovereign wealth fund1 min read . Updated: 15 Jun 2016, 06:03 PM IST
LIC has enough funds to invest in National Investment and Infrastructure Fund (NIIF), says its chairman
New Delhi: Country’s largest insurer LIC on Wednesday said it is willing to participate in India’s maiden sovereign wealth fund National Investment and Infrastructure 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 ₹ 40,000 crore NIIF to facilitate funding in infrastructure projects. NIIF has already signed an MoU with Russia’s Rusnano, the Abu Dhabi Infrastructure Authority (ADIA) and the Qatar sovereign wealth fund, Quatar Investment Authority (QIA) to study investment opportunities in the Indian infrastructure sector.
While the government holds 49% in NIIF, it is scouting for investors for the remaining 51%. 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.