Indian govt to invest $812mln in NIIF - minister

Invest $324.8mln in the NIIF during the current financial year ending in March

  
Image used for illustrative purpose. An India Rupee note is seen in this illustration photo June 1, 2017.

Image used for illustrative purpose. An India Rupee note is seen in this illustration photo June 1, 2017.

REUTERS/Thomas White

NEW DELHI - The Indian cabinet on Wednesday approved a capital infusion of 60 billion rupees ($812 million) by the government in the National Investment and Infrastructure Fund (NIIF), a quasi sovereign wealth fund, over the next two years, a minister said.

The government would invest 24 billion rupees in the NIIF during the current financial year ending in March that would help it raise up to 1.1 trillion rupees for investments, Prakash Javadekar, minister of information and broadcasting told reporters after the cabinet meeting.

($1 = 73.9100 Indian rupees)

(Reporting by Manoj Kumar; Editing by Toby Chopra) ((manoj.kumar@thomsonreuters.com; +91 11 4954 8029; Reuters Messaging: manoj.kumar.thomsonreuters.com@reuters.net))

More From Global