The New Development Bank (NDB) has committed to invest USD 100 million (Rs 727.6 crore), into the National Investment and Infrastructure Fund Limited (NIIF) Fund of Funds (FoF). With NDB’s investment, the total commitments secured by the FoF has reached $800 million (about Rs 5,820 crore). This investment marks NDB’s first equity investment into India and its first-ever investment into a Fund of Funds.
Currently, the Government of India (GoI), Asian Infrastructure Investment Bank (AIIB) and Asian Development Bank (ADB) are the investor in the FoF. Now NDB has joined the group. The FoF was established in 2018 with the objective of providing homegrown Indian private equity fund managers access to an India-focused institutional investor that operates at scale.
Benefits to Indian Economy:
- The Investments will hugely benefit the Indian economy which is facing difficulties due to pandemic.
- It will also support India’s efforts to boost investment in infrastructure.
- NDB’s support will further address issues like investment gaps, availability of institutional funding for domestic private equity funds.
Important takeaways for all competitive exams:
- NIIFL Managing Director & Chief Executive Officer (CEO): Sujoy Bose.
- NIIFL Headquarters: Mumbai, Maharashtra.
- New Development Bank Chairperson of the Board of Governors: Anton Siluanov (Russia).
- New Development Bank Headquarters: Shanghai, China.