Who: National Investment and Infrastructure Fund Ltd
What: Signed MoU with Rusnano OJSC
When: 2 February 2016
Why: To set-up The Russia-India High Technology Private Equity Fund
National Investment and Infrastructure Fund (NIIF) Ltd. on 2 February 2016 signed a Memorandum of Understanding (MoU) with RUSNANO OJSC of Russia. The MoU was to set-up Russia-India High Technology Private Equity Fund for joint implementation of investments into projects in India
The two parties agreed to cooperate in diverse sectors and facilitate high-technology investments in India.
They will establish a joint working group with a view to further develop cooperation between them and work on the development of the definitive agreements based on the principles outlined in the Memorandum.
About National Investment and Infrastructure Fund (NIIF) Ltd
The Union Government established NIIF as a Category II Alternate Investment Fund (AIF) under the Securities and Exchange Board of India (SEBI) Regulations.
It is financed from Government’s own contribution and is expected to have equity participation from both foreign and domestic strategic anchor partners with Government’s share being 49 percent.
The initial authorized corpus of NIIF is 40000 crore rupees, which may be raised from time to time.
The objective of NIIF is to maximise economic impact mainly through infrastructure development in commercially viable projects bothGreenfield and Brownfield, including stalled projects and other nationally important projects in India.
It 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.