Lok Sabha Question No. 948 (UNSTARRED), answered on 2016-07-22
Subject: National Investment and Infrastructure Fund
Ministry: FINANCE
Asked by: KUNWAR PUSHPENDRA SINGH CHANDEL

## GOVERNMENT OF INDIA

## MINISTRY OF FINANCE DEPARTMENT OF ECONOMIC AFFAIRS

## LOK SABHA UNSTARRED QUESTION NO. 948

TO BE ANSWERED ON JULY 22, 2016/ ASHADHA 31, 1938 (SAKA)

## NATIONAL INVESTMENT AND INFRASTRUCTURE FUND QUESTION

## 948: SHRI KUNWAR PUSHPENDRA SINGH CHANDEL

Will the Minister of FINANCE be pleased to state:

- (a) the details of the amount released from the National Investment and Infrastructure Fund (NIIF) for the sick projects, State-wise;
- (b) whether there is a decline of found in NIIF, if so, the details thereof along with the reasons therefor;
- (c) whether the Government has signed agreement with different countries to mobilise long term investment in NIIF, if so, the details thereof; and
- (d) whether the Government is also making efforts to make the guidelines of investment for NIIF more flexible and if so, the details thereof?

## ANSWER MINISTER OF STATE IN THE MINISTRY OF FINANCE

## (SHRI ARJUN RAM MEGHWAL)

- (a) No  amount  has  been  released  from  the  National  Investment  and  Infrastructure  Fund (NIIF) for any project so far.
- (b) No Madam. The NIIF has been created with the aim to attract equity investments from both domestic and international sources for infrastructure development in commercially viable projects, both greenfield and brownfield, including stalled projects.
- (c) Yes, Madam. Government of India signed an Memorandum of Understanding (MoU) with United  Arab  Emirates  (UAE)  to  mobilise  long  term  investment  into  the  National Investment and Infrastructure Fund (NIIF).

National  Investment  and  Infrastructure  Fund  (NIIF)  has  signed  Memorandum  of Understandings  (MoUs)  with  RUSNANO  OJSC  of  Russia  on  2nd  February,  2016  and with  Qatar  Investment  Authority  5th  June,  2016  to  collaborate  on  infrastructure opportunities in India and explore making investments in them jointly;

Further, it has also been agreed with the UK Treasury through an exchange of letters to establish a joint India-UK Task Force which provides for mutual cooperation to attract infrastructure investments under the NIIF platform.

A  terms  of  reference  has  also  been  signed  with  the  US  Department  of  the  Treasury, Office of Technical Assistance (OTA) that envisages collaborations on attracting international financing in NIIF. Amongst other things, the Indian and US representatives shall also work  towards  assimilating experiences regarding government  initiated national  infrastructure  investment  programs  in  the  US  as  well  as  other  parts  of  the world.

- (d) the structure of the NIIF has been refined pursuant to discussions held with investors. The  NIIF  would  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.

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