68th Day Of Lockdown

Maharashtra65168280812197 Tamil Nadu2024611313157 Delhi173877846398 Gujarat1635692321007 Rajasthan83654855184 Madhya Pradesh78914444343 Uttar Pradesh77014651213 West Bengal48131775302 Andhra Pradesh3461228960 Bihar3359120915 Karnataka292299749 Telangana2499141277 Jammu and Kashmir234190828 Punjab2197194942 Odisha17239779 Haryana172194019 Kerala120957510 Assam9361044 Uttarakhand493794 Jharkhand4621914 Chhatisgarh4471021 Chandigarh2891994 Tripura2711720 Himachal Pradesh223634 Goa70420 Manipur6060 Puducherry57230 Nagaland3600 Meghalaya27121 Arunachal Pradesh310 Mizoram110 Sikkim100
Business Economy 30 Mar 2020 Asian development ba ...

Asian development bank to invest $100 mn in Indian infrastructure sector

AFP
Published Mar 30, 2020, 12:15 pm IST
Updated Mar 30, 2020, 12:15 pm IST
The investment announcement comes at a critical time for India, as economic growth is feared to be taking a heavy hit due to coronavirus
Asian development bank. (Photo- PTI)
 Asian development bank. (Photo- PTI)

Mumbai: Multilateral institution Asian Development Bank (ADB) on Monday announced a USD 100 million funding for the Indian infrastructure sector through the government-promoted NIIF.

The Manila-based body will be investing in the National Investment and Infrastructure Fund's (NIIF) “fund of funds” which will ensure that the actual money invested will be a few times more than the USD 100 million.

 

The investment announcement comes at a critical time for India, as the already sagging economic growth is feared to be taking a heavy hit due to the coronavirus pandemic.

“ADB's commitment to NIIF fund of funds during these extraordinary and challenging times is highly meaningful,” NIIF's managing director and chief executive Sujoy Bose said.

He added that the commitment should be seen as reflective of ADB's confidence in the continued growth and potential of the Indian economy, its skilled private equity fund managers and the large pool of determined entrepreneurs who seek capital to grow and strengthen their companies.

“ADB's investment in NIIF will help catalyse institutional capital into domestic private equity funds in India, thereby contributing to greater availability of long-term growth financing for private sector companies and leading to the creation of quality jobs, social infrastructure development, and economic growth,” its Vice President Diwakar Gupta said.

Bose said ADB has been funding Indian private equity funds for over two decades now, and added the latest move will help NIIF commit money to private equity fund managers who may be struggling to raise money from overseas sources.

The total size of NIIF's fund of funds has now grown to USD 700 million, with ADB's commitment, an official statement said.

So far, it has made commitments to three funds aggregating to over Rs 2,600 crore or USD 350 million, the statement said.

The NIIF said its ability to “crowd-in” investments has also been established as these three funds have raised USD 1.1 billion from other sources.

...




ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT