Sujoy Bose appointed as new CEO of NIIF

The finance ministry on Monday in a statement 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).

In a tweet, minister of state for finance Jayant Sinha congratulated Bose and said that NIIF is an innovative fund to finance India's infrastructure needs. Economic affairs secretary, Shaktikanta Das also tweeted that NIIF will play big role in infrastructure financing.

“Bose has extensive international experience in the infrastructure sector including experience in raising funds from international investors,” the ministry said.

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).

“NIIF initiatives would now be taken forward by the CEO and made further operational. An initial budgetary allocation of Rs 4000 crores has also been made in the budget 2016-17,” the ministry said in its statement adding that further allocation would be made as and when necessary.

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.