The National Investment and Infrastructure Fund (NIIF) has announced second closure for its master fund, with Singapore-based Temasek committing up to $400 million in investments.
According to Sujoy Bose, MD and CEO of NIIF, Temasek will also become a shareholder of National Investment and Infrastructure Ltd, NIIF’s investment management company. Bose did not disclose the size of share going to Temasek.
The current shareholders of NIIF, apart from the Government of India, are Abu Dhabi Investment Authority (ADIA), HDFC Group, ICICI Bank, Kotak Mahindra Life Insurance and Axis Bank. NIIF achieved the first $1-billion closure for its Master Fund with ADIA in October 2016.
NIIF has set a target of Rs 14,000 crore for its Master Fund that invests in operational assets with a focus on the transportation, energy and urban infrastructure sectors, Bose said.
NIIF was created in 2015 after a decision by the Cabinet and was envisaged to be established as one or more Alternative Investment Funds (AIFs) under the SEBI Regulations. The proposed corpus of NIIF is Rs 40,000 crore (around $6 billion), of which GoI will contribute 49 per cent at any given point of time.