National Investment Infrastructure Fund gets Governing Council

A Governing Council headed by Finance Minister Arun Jaitley will oversee the activities of the National Investment and Infrastructure Fund (NIIF), authorities said on Friday.

The union cabinet had in July approved the creation of the NIIF with a corpus of Rs.20,000 crore for development of infrastructure projects, including the stalled ones.

Jaitley is the chairman of the six-member council, while the economic affairs secretary will function as the council's secretary, an official statement said.

Other members of the council are the financial services secretary, State Bank of India 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, parameters for appointment and performance of investment managers/advisors and any other related matter," the statement said.

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