India to reserve 30 percent of tax free bonds for sovereign funds

NEW DELHI (Reuters) - India will allow sovereign wealth funds to invest up to 30 percent in the tax free bonds to be sold by state-run infrastructure companies, Finance Minister P Chidambaram said on Monday.

The government has allowed state-run companies to sell about 500 billion rupees worth of tax-free bonds in the current fiscal year 2013/14.

(Reporting by Rajesh Kumar Singh; Editing by Anand Basu)