http://arthapedia.in/index.php?title=National_Investment_and_Infrastructure_Fund_(NIIF)&feed=atom&action=historyNational Investment and Infrastructure Fund (NIIF) - Revision history2024-03-29T05:51:40ZRevision history for this page on the arthapediaMediaWiki 1.17.0http://arthapedia.in/index.php?title=National_Investment_and_Infrastructure_Fund_(NIIF)&diff=4043&oldid=prevRosemary.a at 04:28, 24 January 20182018-01-24T04:28:13Z<p></p>
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<tr><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>NIIF is envisaged as a fund of funds with the ability to make direct investments as required. As a fund of fund it may invest in other SEBI registered funds.</div></td><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>NIIF is envisaged as a fund of funds with the ability to make direct investments as required. As a fund of fund it may invest in other SEBI registered funds.</div></td></tr>
<tr><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"></td><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"></td></tr>
<tr><td class='diff-marker'>−</td><td style="background: #ffa; color:black; font-size: smaller;"><div>Its creation was announced in the [http://indiabudget.nic.in/bspeecha.asp Union Budget 2015-16]. The operational framework was approved on [http://finmin.nic.in/the_ministry/dept_eco_affairs/investment_division/NIIF24082015.pdf 20 August 2015].NIIF got registered with SEBI as Category II Alternative Investment Fund (AIF) on December 28, 2015. A website was created on [http://pib.nic.in/newsite/erelease.aspx?relid=146057 8 June 2016].Mr. Sujoy Bose, Director and Global Co-Head, Infrastructure and Natural Resources, International Finance Corporation(IFC), Washington DC, was appointed as the first Chief Executive Officer (CEO) of NIIF Ltd on [http://pib.nic.in/newsite/erelease.aspx?relid=146560 27 June 2016].</div></td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div>Its creation was announced in the [http://indiabudget.nic.in/bspeecha.asp Union Budget 2015-16]. The operational framework was approved on [http://finmin.nic.in/the_ministry/dept_eco_affairs/investment_division/NIIF24082015.pdf 20 August 2015].NIIF got registered with SEBI as Category II Alternative Investment Fund (AIF) on December 28, 2015. A website was created on [http://pib.nic.in/newsite/erelease.aspx?relid=146057 8 June 2016].Mr. Sujoy Bose, Director and Global Co-Head, Infrastructure and Natural Resources, International Finance Corporation(IFC), Washington DC, was appointed as the first Chief Executive Officer (CEO) of NIIF Ltd on [http://pib.nic.in/newsite/erelease.aspx?relid=146560 27 June 2016]<ins class="diffchange diffchange-inline">. Its first investment was made in January 2018</ins>.  </div></td></tr>
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<tr><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>Financial Times (London) had adjudged NIIF as the Most Innovative structure in Asia Pacific under Finance category.</div></td><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>Financial Times (London) had adjudged NIIF as the Most Innovative structure in Asia Pacific under Finance category.</div></td></tr>
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<tr><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>investing in the project. Co-investment by NIIF along with other co-investors would be on a no fees basis.</div></td><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>investing in the project. Co-investment by NIIF along with other co-investors would be on a no fees basis.</div></td></tr>
<tr><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>*NIIF would endeavour to ensure maximum returns and tax efficiency for NIIF and its contributors.</div></td><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>*NIIF would endeavour to ensure maximum returns and tax efficiency for NIIF and its contributors.</div></td></tr>
<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins style="color: red; font-weight: bold; text-decoration: none;"></ins></div></td></tr>
<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins style="color: red; font-weight: bold; text-decoration: none;">NIIF made its first investment in January 2018 partnering with DP World to create an investment platform for ports, terminals, transportation and logistics businesses in India. The platform will invest in opportunities in the ports sector, and beyond sea ports into areas such as river ports and transportation, freight corridors, port-led special economic zones, inland container terminals, and logistics infrastructure including cold storage. An India-UK Green Growth Equity Fund (GGEF) is also being set up under the fund of funds vertical of NIIF, and shall have anchor commitments of GBP 120 million each from Government of India (through NIIF) and Government of UK.</ins></div></td></tr>
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<tr><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>==Contributed by==</div></td><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>==Contributed by==</div></td></tr>
</table>Rosemary.ahttp://arthapedia.in/index.php?title=National_Investment_and_Infrastructure_Fund_(NIIF)&diff=3864&oldid=prevRosemary.a at 12:05, 14 March 20172017-03-14T12:05:53Z<p></p>
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<tr><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>*NIIF would at all times remain focused on its economic and financial objectives. It shall invest in:</div></td><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>*NIIF would at all times remain focused on its economic and financial objectives. It shall invest in:</div></td></tr>
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<tr><td class='diff-marker'>−</td><td style="background: #ffa; color:black; font-size: smaller;"><div>#<del class="diffchange diffchange-inline">a) </del>units of funds engaged mainly in infrastructure sectors and provide equity/quasi-equity or debt funding to listed/unlisted companies;</div></td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div># units of funds engaged mainly in infrastructure sectors and provide equity/quasi-equity or debt funding to listed/unlisted companies;</div></td></tr>
<tr><td class='diff-marker'>−</td><td style="background: #ffa; color:black; font-size: smaller;"><div>#<del class="diffchange diffchange-inline">b) </del>equity/quasi-equity in NBFCs and Financial Institutions that are engaged mainly in infrastructure financing; and</div></td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div># equity/quasi-equity in NBFCs and Financial Institutions that are engaged mainly in infrastructure financing; and</div></td></tr>
<tr><td class='diff-marker'>−</td><td style="background: #ffa; color:black; font-size: smaller;"><div>#<del class="diffchange diffchange-inline">c) </del>Equity/ quasi-equity or debt to commercially viable projects, both greenfield and brownfield.</div></td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div># Equity/ quasi-equity or debt to commercially viable projects, both greenfield and brownfield.</div></td></tr>
<tr><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"></td><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"></td></tr>
<tr><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>*Co-investment would allow NIIF to deploy more capital at attractive returns while preserving the multiplier effect. NIIF would invest with co-investors such that their (co-investor) share of investment in portfolio entities is either equal to or more than NIIF’s share. NIIF would not co-invest with someone who has conflicting interest in the project. In state projects, NIIF would invest only when there are third party (non-government) professional investors</div></td><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>*Co-investment would allow NIIF to deploy more capital at attractive returns while preserving the multiplier effect. NIIF would invest with co-investors such that their (co-investor) share of investment in portfolio entities is either equal to or more than NIIF’s share. NIIF would not co-invest with someone who has conflicting interest in the project. In state projects, NIIF would invest only when there are third party (non-government) professional investors</div></td></tr>
</table>Rosemary.ahttp://arthapedia.in/index.php?title=National_Investment_and_Infrastructure_Fund_(NIIF)&diff=3863&oldid=prevRosemary.a at 12:05, 14 March 20172017-03-14T12:05:21Z<p></p>
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<tr><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>*NIIF would at all times remain focused on its economic and financial objectives. It shall invest in:</div></td><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>*NIIF would at all times remain focused on its economic and financial objectives. It shall invest in:</div></td></tr>
<tr><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"></td><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"></td></tr>
<tr><td class='diff-marker'>−</td><td style="background: #ffa; color:black; font-size: smaller;"><div><del class="diffchange diffchange-inline">*</del>a) units of funds engaged mainly in infrastructure sectors and provide equity/quasi-equity</div></td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins class="diffchange diffchange-inline">#</ins>a) units of funds engaged mainly in infrastructure sectors and provide equity/quasi-equity or debt funding to listed/unlisted companies;</div></td></tr>
<tr><td class='diff-marker'>−</td><td style="background: #ffa; color:black; font-size: smaller;"><div>or debt funding to listed/unlisted companies;</div></td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins class="diffchange diffchange-inline">#</ins>b) equity/quasi-equity in NBFCs and Financial Institutions that are engaged mainly in infrastructure financing; and</div></td></tr>
<tr><td class='diff-marker'>−</td><td style="background: #ffa; color:black; font-size: smaller;"><div><del class="diffchange diffchange-inline">*</del>b) equity/quasi-equity in NBFCs and Financial Institutions that are engaged mainly in</div></td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins class="diffchange diffchange-inline">#</ins>c) Equity/ quasi-equity or debt to commercially viable projects, both greenfield and brownfield.</div></td></tr>
<tr><td class='diff-marker'>−</td><td style="background: #ffa; color:black; font-size: smaller;"><div>infrastructure financing; and</div></td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div> </div></td></tr>
<tr><td class='diff-marker'>−</td><td style="background: #ffa; color:black; font-size: smaller;"><div><del class="diffchange diffchange-inline">*</del>c) Equity/ quasi-equity or debt to commercially viable projects, both greenfield and</div></td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div></div></td></tr>
<tr><td class='diff-marker'>−</td><td style="background: #ffa; color:black; font-size: smaller;"><div>brownfield.</div></td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div></div></td></tr>
<tr><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>*Co-investment would allow NIIF to deploy more capital at attractive returns while preserving the multiplier effect. NIIF would invest with co-investors such that their (co-investor) share of investment in portfolio entities is either equal to or more than NIIF’s share. NIIF would not co-invest with someone who has conflicting interest in the project. In state projects, NIIF would invest only when there are third party (non-government) professional investors</div></td><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>*Co-investment would allow NIIF to deploy more capital at attractive returns while preserving the multiplier effect. NIIF would invest with co-investors such that their (co-investor) share of investment in portfolio entities is either equal to or more than NIIF’s share. NIIF would not co-invest with someone who has conflicting interest in the project. In state projects, NIIF would invest only when there are third party (non-government) professional investors</div></td></tr>
<tr><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>investing in the project. Co-investment by NIIF along with other co-investors would be on a no fees basis.</div></td><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>investing in the project. Co-investment by NIIF along with other co-investors would be on a no fees basis.</div></td></tr>
</table>Rosemary.ahttp://arthapedia.in/index.php?title=National_Investment_and_Infrastructure_Fund_(NIIF)&diff=3862&oldid=prevRosemary.a at 12:01, 14 March 20172017-03-14T12:01:43Z<p></p>
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<tr><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>*Investment Manager would have an Investment Committee that shall comprise of professionals from the industry and may have representatives of the contributors.  </div></td><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>*Investment Manager would have an Investment Committee that shall comprise of professionals from the industry and may have representatives of the contributors.  </div></td></tr>
<tr><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>*Investments may be exited through private negotiated enterprise level divestments, asset sales, re-capitalizations or through the public market routes, redemptions from cash flows of underlying investments, disposition of underlying investments / assets and any other mechanism as may be available.  </div></td><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>*Investments may be exited through private negotiated enterprise level divestments, asset sales, re-capitalizations or through the public market routes, redemptions from cash flows of underlying investments, disposition of underlying investments / assets and any other mechanism as may be available.  </div></td></tr>
<tr><td class='diff-marker'>−</td><td style="background: #ffa; color:black; font-size: smaller;"><div>*NIIF would at all times remain focused on its economic and financial objectives. It shall</div></td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div>*NIIF would at all times remain focused on its economic and financial objectives. It shall invest in:</div></td></tr>
<tr><td class='diff-marker'>−</td><td style="background: #ffa; color:black; font-size: smaller;"><div>invest in:</div></td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div></div></td></tr>
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<tr><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>*a) units of funds engaged mainly in infrastructure sectors and provide equity/quasi-equity</div></td><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>*a) units of funds engaged mainly in infrastructure sectors and provide equity/quasi-equity</div></td></tr>
</table>Rosemary.ahttp://arthapedia.in/index.php?title=National_Investment_and_Infrastructure_Fund_(NIIF)&diff=3861&oldid=prevRosemary.a at 12:01, 14 March 20172017-03-14T12:01:03Z<p></p>
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<tr><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>[[File:Structure_and_composition_of_NIIF.PNG]]</div></td><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>[[File:Structure_and_composition_of_NIIF.PNG]]</div></td></tr>
<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins style="color: red; font-weight: bold; text-decoration: none;"></ins></div></td></tr>
<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins style="color: red; font-weight: bold; text-decoration: none;"></ins></div></td></tr>
<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins style="color: red; font-weight: bold; text-decoration: none;">'''Investment Policy''' </ins></div></td></tr>
<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins style="color: red; font-weight: bold; text-decoration: none;"></ins></div></td></tr>
<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins style="color: red; font-weight: bold; text-decoration: none;">*NIIF aims to maximize risk-adjusted returns on the investments over a long term by making investments in infrastructure sector on a commercial basis. NIIF will invest primarily as a financial investor and may have an option to seek control, if necessary, of the entities in its portfolio. It will have the flexibility to take concentrated positions with a long or short time horizon, and invest, divest or remain liquid when it is commercially viable. </ins></div></td></tr>
<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins style="color: red; font-weight: bold; text-decoration: none;">*NIIF would invest in projects where the revenue streams are clearly identified in an agreement between the project entity and approved government entity. It shall be the endeavor of NIIF to be treated on par with the most favored contributor of its class. </ins></div></td></tr>
<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins style="color: red; font-weight: bold; text-decoration: none;">*As a long term-term investor it will not be subject to market trends and have benefits of long term investments. It will endeavour to manage the risks through portfolio diversification and exercise proper flexibility to actively seize investment opportunities as they materialize. </ins></div></td></tr>
<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins style="color: red; font-weight: bold; text-decoration: none;">*Investment Manager would have an Investment Committee that shall comprise of professionals from the industry and may have representatives of the contributors. </ins></div></td></tr>
<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins style="color: red; font-weight: bold; text-decoration: none;">*Investments may be exited through private negotiated enterprise level divestments, asset sales, re-capitalizations or through the public market routes, redemptions from cash flows of underlying investments, disposition of underlying investments / assets and any other mechanism as may be available. </ins></div></td></tr>
<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins style="color: red; font-weight: bold; text-decoration: none;">*NIIF would at all times remain focused on its economic and financial objectives. It shall</ins></div></td></tr>
<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins style="color: red; font-weight: bold; text-decoration: none;">invest in:</ins></div></td></tr>
<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins style="color: red; font-weight: bold; text-decoration: none;"></ins></div></td></tr>
<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins style="color: red; font-weight: bold; text-decoration: none;">*a) units of funds engaged mainly in infrastructure sectors and provide equity/quasi-equity</ins></div></td></tr>
<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins style="color: red; font-weight: bold; text-decoration: none;">or debt funding to listed/unlisted companies;</ins></div></td></tr>
<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins style="color: red; font-weight: bold; text-decoration: none;">*b) equity/quasi-equity in NBFCs and Financial Institutions that are engaged mainly in</ins></div></td></tr>
<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins style="color: red; font-weight: bold; text-decoration: none;">infrastructure financing; and</ins></div></td></tr>
<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins style="color: red; font-weight: bold; text-decoration: none;">*c) Equity/ quasi-equity or debt to commercially viable projects, both greenfield and</ins></div></td></tr>
<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins style="color: red; font-weight: bold; text-decoration: none;">brownfield.</ins></div></td></tr>
<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins style="color: red; font-weight: bold; text-decoration: none;">*Co-investment would allow NIIF to deploy more capital at attractive returns while preserving the multiplier effect. NIIF would invest with co-investors such that their (co-investor) share of investment in portfolio entities is either equal to or more than NIIF’s share. NIIF would not co-invest with someone who has conflicting interest in the project. In state projects, NIIF would invest only when there are third party (non-government) professional investors</ins></div></td></tr>
<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins style="color: red; font-weight: bold; text-decoration: none;">investing in the project. Co-investment by NIIF along with other co-investors would be on a no fees basis.</ins></div></td></tr>
<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins style="color: red; font-weight: bold; text-decoration: none;">*NIIF would endeavour to ensure maximum returns and tax efficiency for NIIF and its contributors.</ins></div></td></tr>
<tr><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"></td><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"></td></tr>
<tr><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>==Contributed by==</div></td><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>==Contributed by==</div></td></tr>
</table>Rosemary.ahttp://arthapedia.in/index.php?title=National_Investment_and_Infrastructure_Fund_(NIIF)&diff=3860&oldid=prevRosemary.a at 11:55, 14 March 20172017-03-14T11:55:07Z<p></p>
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<tr><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>NIIF was proposed to be set up as a Trust, to raise debt to invest in the equity of infrastructure finance companies such as [http://irfc.nic.in/showfile.asp?lid=479 Indian Rail Finance Corporation (IRFC)] and [http://www.nhb.org.in/ National Housing Bank (NHB)]. The idea is that these infrastructure finance companies can then leverage this extra equity, manifold. In that sense, NIIF is a banker of the banker of the banker.  </div></td><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>NIIF was proposed to be set up as a Trust, to raise debt to invest in the equity of infrastructure finance companies such as [http://irfc.nic.in/showfile.asp?lid=479 Indian Rail Finance Corporation (IRFC)] and [http://www.nhb.org.in/ National Housing Bank (NHB)]. The idea is that these infrastructure finance companies can then leverage this extra equity, manifold. In that sense, NIIF is a banker of the banker of the banker.  </div></td></tr>
<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins style="color: red; font-weight: bold; text-decoration: none;"></ins></div></td></tr>
<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins style="color: red; font-weight: bold; text-decoration: none;">NIIF is envisaged as a fund of funds with the ability to make direct investments as required. As a fund of fund it may invest in other SEBI registered funds.</ins></div></td></tr>
<tr><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"></td><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"></td></tr>
<tr><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>Its creation was announced in the [http://indiabudget.nic.in/bspeecha.asp Union Budget 2015-16]. The operational framework was approved on [http://finmin.nic.in/the_ministry/dept_eco_affairs/investment_division/NIIF24082015.pdf 20 August 2015].NIIF got registered with SEBI as Category II Alternative Investment Fund (AIF) on December 28, 2015. A website was created on [http://pib.nic.in/newsite/erelease.aspx?relid=146057 8 June 2016].Mr. Sujoy Bose, Director and Global Co-Head, Infrastructure and Natural Resources, International Finance Corporation(IFC), Washington DC, was appointed as the first Chief Executive Officer (CEO) of NIIF Ltd on [http://pib.nic.in/newsite/erelease.aspx?relid=146560 27 June 2016].</div></td><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>Its creation was announced in the [http://indiabudget.nic.in/bspeecha.asp Union Budget 2015-16]. The operational framework was approved on [http://finmin.nic.in/the_ministry/dept_eco_affairs/investment_division/NIIF24082015.pdf 20 August 2015].NIIF got registered with SEBI as Category II Alternative Investment Fund (AIF) on December 28, 2015. A website was created on [http://pib.nic.in/newsite/erelease.aspx?relid=146057 8 June 2016].Mr. Sujoy Bose, Director and Global Co-Head, Infrastructure and Natural Resources, International Finance Corporation(IFC), Washington DC, was appointed as the first Chief Executive Officer (CEO) of NIIF Ltd on [http://pib.nic.in/newsite/erelease.aspx?relid=146560 27 June 2016].</div></td></tr>
</table>Rosemary.ahttp://arthapedia.in/index.php?title=National_Investment_and_Infrastructure_Fund_(NIIF)&diff=3859&oldid=prevRosemary.a at 11:52, 14 March 20172017-03-14T11:52:19Z<p></p>
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<tr><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>As per the  operational framework approved on [http://finmin.nic.in/the_ministry/dept_eco_affairs/investment_division/NIIF24082015.pdf 20 August 2015] NIIF is not a single entity. There can be more than one fund. The NIIF will be established as one or more [http://arthapedia.in/index.php?title=Alternative_Investment_Funds_(AIFs) Alternate Investment Funds (AIF)] under the SEBI Regulations. Of the various forms an AIF can take, NIIF was proposed to be set up as a Trust though other legal forms could also be considered from the perspective of flexibility and taxation. If set up as Category I and II AIFs, then NIIF will be eligible for a pass through status under the Income Tax Act. A 'pass-through' status means that the income generated by the fund would be taxed in the hands of the ultimate investor, and the fund itself would not have to pay tax on the same. In the case of category III AIF, where pass through status is not available, all income received by NIIF will be taxable at its level and any distribution made to the unit holders (investors) would be tax exempt.  </div></td><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>As per the  operational framework approved on [http://finmin.nic.in/the_ministry/dept_eco_affairs/investment_division/NIIF24082015.pdf 20 August 2015] NIIF is not a single entity. There can be more than one fund. The NIIF will be established as one or more [http://arthapedia.in/index.php?title=Alternative_Investment_Funds_(AIFs) Alternate Investment Funds (AIF)] under the SEBI Regulations. Of the various forms an AIF can take, NIIF was proposed to be set up as a Trust though other legal forms could also be considered from the perspective of flexibility and taxation. If set up as Category I and II AIFs, then NIIF will be eligible for a pass through status under the Income Tax Act. A 'pass-through' status means that the income generated by the fund would be taxed in the hands of the ultimate investor, and the fund itself would not have to pay tax on the same. In the case of category III AIF, where pass through status is not available, all income received by NIIF will be taxable at its level and any distribution made to the unit holders (investors) would be tax exempt.  </div></td></tr>
<tr><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"></td><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"></td></tr>
<tr><td class='diff-marker'>−</td><td style="background: #ffa; color:black; font-size: smaller;"><div>The initial authorized corpus of NIIF would be Rs. 20,000 crore, which may be raised from time to time, as decided by Ministry of Finance. Government can provide upto 20000 crore per annum into these funds. Government's contribution/share in the corpus will be 49% in each entity set up as an alternate Investment Fund (AIF) and will neither be increased beyond, nor allowed to fall below, 49%. The whole of 49% would be contributed by Government directly. Rest is open for contribution from others. The contribution of Government of India to NIIF would enable it to be seen virtually as a sovereign fund and is expected to attract overseas sovereign/ quasi-sovereign/multilateral/bilateral investors to co-invest in it. Cash-rich Central Public Sector Enterprises (PSUs) could contribute to the Fund, which would be over and above the Government's 49%. Similarly, domestic pension and provident funds and National Small Savings Fund may also provide funds to the NIIF. NIIF may utilize the proceeds of monetized land and other assets of PSUs for infrastructure development. The NIIF will work out these details in consultation with the Ministry of Finance, to match different investors’ preferences.</div></td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins class="diffchange diffchange-inline">The proposed corpus of NIIF is Rs. 40,000 Crores (around USD 6 Billion). </ins>The initial authorized corpus of NIIF would be Rs. 20,000 crore, which may be raised from time to time, as decided by Ministry of Finance. Government can provide upto 20000 crore per annum into these funds. Government's contribution/share in the corpus will be 49% in each entity set up as an alternate Investment Fund (AIF) and will neither be increased beyond, nor allowed to fall below, 49%. The whole of 49% would be contributed by Government directly. Rest is open for contribution from others. The contribution of Government of India to NIIF would enable it to be seen virtually as a sovereign fund and is expected to attract overseas sovereign/ quasi-sovereign/multilateral/bilateral investors to co-invest in it. Cash-rich Central Public Sector Enterprises (PSUs) could contribute to the Fund, which would be over and above the Government's 49%. Similarly, domestic pension and provident funds and National Small Savings Fund may also provide funds to the NIIF. NIIF may utilize the proceeds of monetized land and other assets of PSUs for infrastructure development. The NIIF will work out these details in consultation with the Ministry of Finance, to match different investors’ preferences.</div></td></tr>
<tr><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"></td><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"></td></tr>
<tr><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>Finally, NIIF was formed as a category II AIF, as a Trust, under Indian Trust Act on 28 December 2015 alongwith the formation of National Investment and Infrastructure Fund Trustee Ltd. and National Investment and Infrastructure Fund Ltd. India Infrastructure Finance Company Ltd (IIFCL) was appointed as Investment Advisor to NIIF Ltd and IDBI Capital Market Services Ltd as Advisor to NIIF Trustee Ltd initially for 6 months and 1 year respectively.  </div></td><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>Finally, NIIF was formed as a category II AIF, as a Trust, under Indian Trust Act on 28 December 2015 alongwith the formation of National Investment and Infrastructure Fund Trustee Ltd. and National Investment and Infrastructure Fund Ltd. India Infrastructure Finance Company Ltd (IIFCL) was appointed as Investment Advisor to NIIF Ltd and IDBI Capital Market Services Ltd as Advisor to NIIF Trustee Ltd initially for 6 months and 1 year respectively.  </div></td></tr>
</table>Rosemary.ahttp://arthapedia.in/index.php?title=National_Investment_and_Infrastructure_Fund_(NIIF)&diff=3692&oldid=prevRosemary.a at 18:09, 30 June 20162016-06-30T18:09:59Z<p></p>
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<tr><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>NIIF was proposed to be set up as a Trust, to raise debt to invest in the equity of infrastructure finance companies such as [http://irfc.nic.in/showfile.asp?lid=479 Indian Rail Finance Corporation (IRFC)] and [http://www.nhb.org.in/ National Housing Bank (NHB)]. The idea is that these infrastructure finance companies can then leverage this extra equity, manifold. In that sense, NIIF is a banker of the banker of the banker.  </div></td><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>NIIF was proposed to be set up as a Trust, to raise debt to invest in the equity of infrastructure finance companies such as [http://irfc.nic.in/showfile.asp?lid=479 Indian Rail Finance Corporation (IRFC)] and [http://www.nhb.org.in/ National Housing Bank (NHB)]. The idea is that these infrastructure finance companies can then leverage this extra equity, manifold. In that sense, NIIF is a banker of the banker of the banker.  </div></td></tr>
<tr><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"></td><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"></td></tr>
<tr><td class='diff-marker'>−</td><td style="background: #ffa; color:black; font-size: smaller;"><div>Its creation was announced in the [http://indiabudget.nic.in/bspeecha.asp Union Budget 2015-16]. The operational framework was approved on [http://finmin.nic.in/the_ministry/dept_eco_affairs/investment_division/NIIF24082015.pdf 20 August 2015].NIIF got registered with SEBI as Category II Alternative Investment Fund (AIF) on December 28, 2015. A website was created on [http://pib.nic.in/newsite/erelease.aspx?relid=146057 8 June 2016].</div></td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div>Its creation was announced in the [http://indiabudget.nic.in/bspeecha.asp Union Budget 2015-16]. The operational framework was approved on [http://finmin.nic.in/the_ministry/dept_eco_affairs/investment_division/NIIF24082015.pdf 20 August 2015].NIIF got registered with SEBI as Category II Alternative Investment Fund (AIF) on December 28, 2015. A website was created on [http://pib.nic.in/newsite/erelease.aspx?relid=146057 8 <ins class="diffchange diffchange-inline">June 2016].Mr. Sujoy Bose, Director and Global Co-Head, Infrastructure and Natural Resources, International Finance Corporation(IFC), Washington DC, was appointed as the first Chief Executive Officer (CEO) of NIIF Ltd on [http://pib.nic.in/newsite/erelease.aspx?relid=146560 27 </ins>June 2016].</div></td></tr>
<tr><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"></td><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"></td></tr>
<tr><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>Financial Times (London) had adjudged NIIF as the Most Innovative structure in Asia Pacific under Finance category.</div></td><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>Financial Times (London) had adjudged NIIF as the Most Innovative structure in Asia Pacific under Finance category.</div></td></tr>
</table>Rosemary.ahttp://arthapedia.in/index.php?title=National_Investment_and_Infrastructure_Fund_(NIIF)&diff=3675&oldid=prevRosemary.a at 13:27, 11 June 20162016-06-11T13:27:57Z<p></p>
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<tr><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>NIIF was proposed to be set up as a Trust, to raise debt to invest in the equity of infrastructure finance companies such as [http://irfc.nic.in/showfile.asp?lid=479 Indian Rail Finance Corporation (IRFC)] and [http://www.nhb.org.in/ National Housing Bank (NHB)]. The idea is that these infrastructure finance companies can then leverage this extra equity, manifold. In that sense, NIIF is a banker of the banker of the banker.  </div></td><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>NIIF was proposed to be set up as a Trust, to raise debt to invest in the equity of infrastructure finance companies such as [http://irfc.nic.in/showfile.asp?lid=479 Indian Rail Finance Corporation (IRFC)] and [http://www.nhb.org.in/ National Housing Bank (NHB)]. The idea is that these infrastructure finance companies can then leverage this extra equity, manifold. In that sense, NIIF is a banker of the banker of the banker.  </div></td></tr>
<tr><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"></td><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"></td></tr>
<tr><td class='diff-marker'>−</td><td style="background: #ffa; color:black; font-size: smaller;"><div>Its creation was announced in the [http://indiabudget.nic.in/bspeecha.asp Union Budget 2015-16]. The operational framework was approved on [http://finmin.nic.in/the_ministry/dept_eco_affairs/investment_division/NIIF24082015.pdf 20 August 2015].NIIF got registered with SEBI as Category II Alternative Investment Fund (AIF) on December 28, 2015.</div></td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div>Its creation was announced in the [http://indiabudget.nic.in/bspeecha.asp Union Budget 2015-16]. The operational framework was approved on [http://finmin.nic.in/the_ministry/dept_eco_affairs/investment_division/NIIF24082015.pdf 20 August 2015].NIIF got registered with SEBI as Category II Alternative Investment Fund (AIF) on December 28, 2015. <ins class="diffchange diffchange-inline">A website was created on [http://pib.nic.in/newsite/erelease.aspx?relid=146057 8 June 2016].</ins></div></td></tr>
<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div> </div></td></tr>
<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins class="diffchange diffchange-inline">Financial Times (London) had adjudged NIIF as the Most Innovative structure in Asia Pacific under Finance category.</ins></div></td></tr>
<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div> </div></td></tr>
<tr><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"></td><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"></td></tr>
<tr><td class='diff-marker'>−</td><td style="background: #ffa; color:black; font-size: smaller;"><div><del style="color: red; font-weight: bold; text-decoration: none;"> </del></div></td><td colspan="2"> </td></tr>
<tr><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>'''Objective'''</div></td><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>'''Objective'''</div></td></tr>
<tr><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"></td><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"></td></tr>
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<tr><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>'''Operational Aspects'''  </div></td><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>'''Operational Aspects'''  </div></td></tr>
<tr><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"></td><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"></td></tr>
<tr><td class='diff-marker'>−</td><td style="background: #ffa; color:black; font-size: smaller;"><div>NIIF is not a single entity. There can be more than one fund. The NIIF will be established as one or more [http://arthapedia.in/index.php?title=Alternative_Investment_Funds_(AIFs) Alternate Investment Funds (AIF)] under the SEBI Regulations. Of the various forms an AIF can take, NIIF <del class="diffchange diffchange-inline">is </del>proposed to be set up as a Trust though other legal forms <del class="diffchange diffchange-inline">can </del>also be considered from the perspective of flexibility and taxation. If set up as Category I and II AIFs, then NIIF will be eligible for a pass through status under the Income Tax Act. A 'pass-through' status means that the income generated by the fund would be taxed in the hands of the ultimate investor, and the fund itself would not have to pay tax on the same. In the case of category III AIF, where pass through status is not available, all income received by NIIF will be taxable at its level and any distribution made to the unit holders (investors) would be tax exempt.  </div></td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins class="diffchange diffchange-inline">As per the  operational framework approved on [http://finmin.nic.in/the_ministry/dept_eco_affairs/investment_division/NIIF24082015.pdf 20 August 2015] </ins>NIIF is not a single entity. There can be more than one fund. The NIIF will be established as one or more [http://arthapedia.in/index.php?title=Alternative_Investment_Funds_(AIFs) Alternate Investment Funds (AIF)] under the SEBI Regulations. Of the various forms an AIF can take, NIIF <ins class="diffchange diffchange-inline">was </ins>proposed to be set up as a Trust though other legal forms <ins class="diffchange diffchange-inline">could </ins>also be considered from the perspective of flexibility and taxation. If set up as Category I and II AIFs, then NIIF will be eligible for a pass through status under the Income Tax Act. A 'pass-through' status means that the income generated by the fund would be taxed in the hands of the ultimate investor, and the fund itself would not have to pay tax on the same. In the case of category III AIF, where pass through status is not available, all income received by NIIF will be taxable at its level and any distribution made to the unit holders (investors) would be tax exempt.  </div></td></tr>
<tr><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"></td><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"></td></tr>
<tr><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>The initial authorized corpus of NIIF would be Rs. 20,000 crore, which may be raised from time to time, as decided by Ministry of Finance. Government can provide upto 20000 crore per annum into these funds. Government's contribution/share in the corpus will be 49% in each entity set up as an alternate Investment Fund (AIF) and will neither be increased beyond, nor allowed to fall below, 49%. The whole of 49% would be contributed by Government directly. Rest is open for contribution from others. The contribution of Government of India to NIIF would enable it to be seen virtually as a sovereign fund and is expected to attract overseas sovereign/ quasi-sovereign/multilateral/bilateral investors to co-invest in it. Cash-rich Central Public Sector Enterprises (PSUs) could contribute to the Fund, which would be over and above the Government's 49%. Similarly, domestic pension and provident funds and National Small Savings Fund may also provide funds to the NIIF. NIIF may utilize the proceeds of monetized land and other assets of PSUs for infrastructure development. The NIIF will work out these details in consultation with the Ministry of Finance, to match different investors’ preferences.</div></td><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>The initial authorized corpus of NIIF would be Rs. 20,000 crore, which may be raised from time to time, as decided by Ministry of Finance. Government can provide upto 20000 crore per annum into these funds. Government's contribution/share in the corpus will be 49% in each entity set up as an alternate Investment Fund (AIF) and will neither be increased beyond, nor allowed to fall below, 49%. The whole of 49% would be contributed by Government directly. Rest is open for contribution from others. The contribution of Government of India to NIIF would enable it to be seen virtually as a sovereign fund and is expected to attract overseas sovereign/ quasi-sovereign/multilateral/bilateral investors to co-invest in it. Cash-rich Central Public Sector Enterprises (PSUs) could contribute to the Fund, which would be over and above the Government's 49%. Similarly, domestic pension and provident funds and National Small Savings Fund may also provide funds to the NIIF. NIIF may utilize the proceeds of monetized land and other assets of PSUs for infrastructure development. The NIIF will work out these details in consultation with the Ministry of Finance, to match different investors’ preferences.</div></td></tr>
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<tr><td class='diff-marker'>−</td><td style="background: #ffa; color:black; font-size: smaller;"><div>NIIF was formed as a category II AIF as a Trust under Indian Trust Act on 28 December 2015 alongwith the formation of National Investment and Infrastructure Fund Trustee Ltd. and National Investment and Infrastructure Fund Ltd. India Infrastructure Finance Company Ltd (IIFCL) was appointed as Investment Advisor to NIIF Ltd and IDBI Capital Market Services Ltd as Advisor to NIIF Trustee Ltd initially for 6 months and 1 year respectively.  </div></td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins class="diffchange diffchange-inline">Finally, </ins>NIIF was formed as a category II AIF<ins class="diffchange diffchange-inline">, </ins>as a Trust<ins class="diffchange diffchange-inline">, </ins>under Indian Trust Act on 28 December 2015 alongwith the formation of National Investment and Infrastructure Fund Trustee Ltd. and National Investment and Infrastructure Fund Ltd. India Infrastructure Finance Company Ltd (IIFCL) was appointed as Investment Advisor to NIIF Ltd and IDBI Capital Market Services Ltd as Advisor to NIIF Trustee Ltd initially for 6 months and 1 year respectively.  </div></td></tr>
<tr><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"></td><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"></td></tr>
<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins style="color: red; font-weight: bold; text-decoration: none;">Pursuant to discussions with investors the structure of NIIF was further refined. The NIIF can have various sector-specific or investor-specific close ended Schemes (“funds”) and each fund may issue various classes of units. Government along with other investor(s) would subscribe to the units of various funds. The units, investment strategy and accounts of each fund shall be distinct from and independent of the other funds. </ins></div></td></tr>
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<tr><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>National Investment and Infrastructure Fund (NIIF) Ltd. signed a Memorandum of Understanding (MoU) with RUSNANO of Russia on 2 February 2016 to set up the RUSSIA-INDIA HIGH TECHNOLOGY PRIVATE EQUITY FUND for joint implementation of investments into projects in India. RUSNANO is a Russian development institute with interest to invest in projects in the field of high technologies and defense including the projects aimed at establishment of manufacturing industrial enterprises in India.  </div></td><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>National Investment and Infrastructure Fund (NIIF) Ltd. signed a Memorandum of Understanding (MoU) with RUSNANO of Russia on 2 February 2016 to set up the RUSSIA-INDIA HIGH TECHNOLOGY PRIVATE EQUITY FUND for joint implementation of investments into projects in India. RUSNANO is a Russian development institute with interest to invest in projects in the field of high technologies and defense including the projects aimed at establishment of manufacturing industrial enterprises in India.  </div></td></tr>
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</table>Rosemary.ahttp://arthapedia.in/index.php?title=National_Investment_and_Infrastructure_Fund_(NIIF)&diff=3674&oldid=prevRosemary.a at 13:14, 11 June 20162016-06-11T13:14:35Z<p></p>
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<tr><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>This is different from the [http://arthapedia.in/index.php?title=National_Investment_Fund_(NIF) National Investment Fund].  </div></td><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>This is different from the [http://arthapedia.in/index.php?title=National_Investment_Fund_(NIF) National Investment Fund].  </div></td></tr>
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<tr><td class='diff-marker'>−</td><td style="background: #ffa; color:black; font-size: smaller;"><div>NIIF<del class="diffchange diffchange-inline">, </del>proposed to be set up as a Trust, <del class="diffchange diffchange-inline">would </del>raise debt to invest in the equity of infrastructure finance companies such as [http://irfc.nic.in/showfile.asp?lid=479 Indian Rail Finance Corporation (IRFC)] and [http://www.nhb.org.in/ National Housing Bank (NHB)]. The idea is that these infrastructure finance companies can then leverage this extra equity, manifold. In that sense, NIIF is a banker of the banker of the banker.  </div></td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div>NIIF <ins class="diffchange diffchange-inline">was </ins>proposed to be set up as a Trust, <ins class="diffchange diffchange-inline">to </ins>raise debt to invest in the equity of infrastructure finance companies such as [http://irfc.nic.in/showfile.asp?lid=479 Indian Rail Finance Corporation (IRFC)] and [http://www.nhb.org.in/ National Housing Bank (NHB)]. The idea is that these infrastructure finance companies can then leverage this extra equity, manifold. In that sense, NIIF is a banker of the banker of the banker.  </div></td></tr>
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<tr><td class='diff-marker'>−</td><td style="background: #ffa; color:black; font-size: smaller;"><div><del class="diffchange diffchange-inline">The fund is yet to be constituted. </del>Its creation was announced in the [http://indiabudget.nic.in/bspeecha.asp Union Budget 2015-16]. The operational framework was approved on [http://finmin.nic.in/the_ministry/dept_eco_affairs/investment_division/NIIF24082015.pdf 20 August 2015].NIIF got registered with SEBI as Category II Alternative Investment Fund (AIF) on December 28, 2015.</div></td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div>Its creation was announced in the [http://indiabudget.nic.in/bspeecha.asp Union Budget 2015-16]. The operational framework was approved on [http://finmin.nic.in/the_ministry/dept_eco_affairs/investment_division/NIIF24082015.pdf 20 August 2015].NIIF got registered with SEBI as Category II Alternative Investment Fund (AIF) on December 28, 2015.</div></td></tr>
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