Business Daily from THE HINDU group of publications
Sunday, Oct 07, 2007
ePaper
Business Daily from THE HINDU group of publications Sunday, Oct 07, 2007 ePaper |
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Industry & Economy
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Disinvestment Centre launches national investment fund Our Bureau New Delhi, Oct. 6 The Centre launched the National Investment Fund (NIF) on Saturday to pool proceeds from sale of Government equity holdings in Public Sector Undertakings. While 75 per cent of the annual income of the fund would be used for financing selected social sector schemes that promote education, health and employment, the remaining 25 per cent would be used to meet the capital investment requirements of state-run companies, a Finance Ministry statement said. The fund would be professionally managed to provide suitable returns to the government without depleting its capital, it said. Launching the NIF, the Finance Minister, Mr P Chidambaram, handed over an initial Rs 995 crore received from the sale of Government equity in Power Grid Corporation of India Ltd, to three fund managers. A part-time Advisory Board has been constituted to advise the Chief Executive Officer of NIF on various aspects of functioning of the fund such as investment strategy, allocation of funds to the selected fund managers, negotiation of management fee and charges to be paid to the Fund Managers. The Advisory Board comprises the former LIC Chairman, Mr S.B. Mathur; the former Oriental Bank of Commerce Chairman, Mr B D Narang; and the President, RPG Foundation and Chairman International Life Science Institute, Mr D. H. Pai Panandiker, the statement said. More Stories on : Disinvestment
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