Finance ministry panel likely to finalise CEO of NIIF by next month

NEW DELHI: A government-appointed search panel is likely to finalise the CEO of the Rs 40,000 crore National Investment and Infrastructure Fund (NIIF) by next month.

"The panel has received some applications, they are being looked at. Shortlisting will be done next month. Hopefully by end of next month, and finalised name may be recommended for appointment," sources said.

The Finance Ministry had in October constituted a Search- cum-Selection Committee under the Chairmanship of Economic Affairs Secretary Shaktikanta Das for selecting a CEO for the Investment Management Company under the NIIF.

The Investment Management Company would be responsible for taking investment decision of NIIF corpus. The government's share in the corpus shall not exceed 49 per cent.

In July, the Cabinet had approved creation of NIIF, a sort of sovereign fund, for development of infrastructure projects, including the stalled ones.

The Rs 40,000 crore Fund is set up as a Fund of Funds (Category II Alternate Investment Fund) with a proposed series of funds.

The governing council of the NIIF would have government representatives and experts in international finance, eminent economists and infrastructure professionals. It could include representatives from other non-government shareholders.

India Infrastructure Finance Company Ltd (IIFCL) has been appointed as interim investment adviser of the NIIF.

IIFCL, a wholly-owned government company, was incorporated on January 2006 under the Companies Act, 1956 with an authorised share capital of Rs 1,000 crore. The company was mandated to provide long-term debt to viable infrastructure projects.