Indian government to invest $812 million in NIIF - minister

Reuters

25 November 2020 at 5:17 am·1-min read

A cashier checks Indian rupee notes inside a room at a fuel station in Ahmedabad

NEW DELHI (Reuters) - 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)

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