National Investment and Infrastructure Fund

NIIF has been set up as a fund of funds and is registered with Securities and Exchange Board of India ("SEBI") as a Category II Alternate Investment Fund ("AIF") under the SEBI (Alternative Investments Funds) Regulations, 2012 ("AIF Regulations").

NIIF shall have various sector specific or investor specific close ended Schemes ("Sub-funds"). Each Sub-fund may issue various classes of units. Sub-funds may be bilateral or multilateral.

Investors and Ministry of Finance to subscribe to the units of various Sub-funds. Units of each Sub-fund shall be distinct from and independent of other Sub-fund.

The Trustee will have discretion of floating multiple Sub-funds. The Trustee shall keep and maintain distinct and separate accounts in respect of each Sub-fund and maintain assets of one Sub-fund distinct from and independent of another.

The corpus of the Sub-funds shall be invested based on the investment strategy of each Sub-fund.

Objective

The aim of the Fund is to pool commitments from sophisticated long term investors such as Multilateral Institutions, Sovereign Wealth Funds, Pension Funds, Insurance Funds, Endowments and other long term funds based outside India and government supported institutions within and outside India as permitted under the AIF Regulations to subsequently utilize the same in making investments into the infrastructure sector. These investments shall include both, greenfield and brownfield projects. The platform could also consider investments into other commercially viable projects within the broader investment strategy of the Fund. It could also consider other nationally important projects for example, in manufacturing, if commercially viable.

Fund Corpus

The proposed corpus of NIIF will be Rs.40,000 crore, which may be raised from time to time, as decided by the Ministry of Finance. The Government's share/contribution in the corpus will be 49 percent. For the balance 51% NIIF will solicit equity participation from strategic anchor partners viz., Multilateral/bilateral institutions, Sovereign wealth funds, Pension funds and domestic Public sector enterprises.