Governing Council under Arun Jaitley to oversee NIIF operations

NEW DELHI: A Governing Council headed by Finance Minister Arun Jaitley will oversee the activities of the National Investment and Infrastructure Fund (NIIF) which aims to boost financing for the infra sector in the country.

In July, the Union Cabinet had approved creation of a Rs 20,000-crore NIIF, a sort of sovereign fund, for development of infrastructure projects, including the stalled ones.

Jaitley is the Chairman of the six-member Council and Economic Affairs Secretary is its Secretary, a Finance Ministry statement said today while announcing setting up of the panel.

The members of the Council are Financial Services Secretary, SBI Chairperson Arundhati Bhattacharya, investment banker Hemendra Kothari and former Infosys Director T V Mohandas Pai.

The mandate of the Council includes approval of guidelines for investment of Trust property/Corpus of NIIF and parameters for appointment and performance of investment managers/ advisors.

NIIF, a contributory and determinate investment trust, under the provisions of the Indian Trusts Act, 1882 has been registered.

Economic Affairs Secretary is the Settlor of the Trust.

Creation of NIIF, the statement added, was approved with a view to maximising economic impact mainly through infrastructure development in commercially viable projects, both greenfield and brownfield, including stalled ones.