National Investment and Infrastructure Fund (NIIF), a quasi-sovereign wealth fund, on Thursday (11th May 2023) said its board has appointed Rajiv Dhar as interim Managing Ddirector and CEO.

* The appointment is effective 11th May 2023, NIIF said in a statement.

* The planned succession follows Sujoy Bose's request to relieve him from his current responsibilities as MD and CEO, it said.

* Dhar, executive director and chief operating officer, has been part of NIIF since 2017.

* The government had set up the Rs 40,000-crore NIIF in December 2016 as an investment vehicle for funding commercially viable greenfield, brownfield and stalled projects. It was envisioned as a mother fund with several sectoral feeder funds.

* Government capital in NIIF covers three funds -- Master Fund, Fund of Funds, and Strategic Opportunities Fund (together referred to as NIIF) -- all managed by the same investment manager (NIIF Limited).

* The corpus of NIIF is proposed to be Rs 40,000 crore wherein the government intends to invest 49 per cent. It will raise third-party capital for the remaining Rs 20,000 crore from long-term international investors, such as sovereign wealth funds, insurance and pension funds, and endowments..

Source : Moneycontrol