The Centre on Monday announced the appointment of Sujoy Bose as the chief executive officer of the National Investment and Infrastructure Fund (NIIF), paving the way for the Rs 40,000-crore sovereign wealth fund to begin operations.
"Congratulations to Shri Sujoy Bose for being appointed CEO of NIIF. The NIIF is an innovative fund to finance India's infrastructure needs," Minister of State for Finance Jayant Sinha tweeted.
A press release said: "Mr Sujoy Bose has extensive international experience in the infrastructure sector, including experience in raising funds from international investors."
Bose is currently the director and global co-head of infrastructure and natural resources at Washington-based International Finance Corporation, the private sector lending arm of the World Bank.
A search-cum-selection committee was constituted under the chairmanship of Economic Affairs Secretary Shaktikanta Das for the selection of CEO of NIIF. "Bose has been appointed as CEO following the conclusion of the selection process," the statement said.
The government set up NIIF to attract investments from domestic and international sources for infrastructure development in commercially viable projects. It has been incorporated as a company under the Companies Act, 2013, duly authorised to act as an investment manager.
The statement said work was on to establish the NIIF and steps were being taken to operationalise initiatives with various investors, including RUSNANO, Abu Dhabi Investment Authority and Qatar Investment Authority. "NIIF initiatives would now be taken forward by the CEO and made further operational. An initial budgetary allocation of Rs 4,000 crore has also been made in Budget 2016-17. Further allocation would be made as and when necessary," the release stated.
While the Centre will invest Rs 20,000 crore in NIIF, the rest will come from private domestic and foreign investors who can invest in the umbrella fund or smaller sector or project-specific funds within it.
RS CAREER
- Sujoy Bose is currently the global co-head of Infrastructure and Natural Resources at IFC
- Bose has been associated with the IFC for last 24 years
- Before his current role, Bose was the head of IFC's African, Latin American and Caribbean Fund
- Is alma mater is St Xavier's College, Kolkata
