Russian SWFs have shown investment interest in NIIF: FinMin

Stressing that Russian companies want to be part of 'Make in India', Finance Ministry today said Russian sovereign wealth funds, including Rusnano, have shown keen interest to invest in National Investment and Infrastructure Fund (NIIF).

"Very positive discussions in India Russia CEOs meeting. Great interest from Russian side to invest in India and be part of Make in India," Economic Affairs Secretary Shaktikanta Das tweeted.

Hard selling India as an attractive investment destination, Prime Minister Narendra Modi has invited Russian CEOs to invest in sectors like infrastructure, aerospace and diamond.

"Rusnano and Russian Direct Investment Fund have shown keen interest to invest in NIIF. Further discussions to be held in near future," Das tweeted.

Russian Direct Investment Fund is a $10 billion fund established by the country's government in 2011.

India is planning to set up NIIF with an initial corpus of Rs 40,000 crore. The fund will invest in infrastructure projects, including stalled ones.

NIIF, in which government will hold 49 per cent, will be located in Mumbai. The remaining equity would be held by large business groups, provident funds as well as endowment and sovereign wealth funds.

Modi, during his meeting with CEOs, said Russia can take advantage of 'Make in India' initiative which would help the economies of both the countries.