Indian government to invest $812 million in NIIF

The Indian cabinet on Wednesday approved a capital infusion of Rs 6,000 crore ($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 Rs 2,400 crore in the NIIF during the current financial year ending in March that would help it raise up to Rs 1.1 trillion for investments, Prakash Javadekar, minister of information and broadcasting told reporters after the cabinet meeting.