India has appointed Sujoy Bose as chief executive of its maiden sovereign wealth fund, the National Investment and Infrastructure Fund (NIIF), ending a six-month search and selection process.
Bose will join the INR400 billion ($5.91 billion; €5.34 billion) vehicle from the Washington-based International Finance Corporation, where he is currently global co-head of infrastructure and natural resources.
In a statement, India's Ministry of Finances said Bose has “extensive international experience in the infrastructure sector, including experience in raising funds from international investors”.
Bose joined the IFC in 1992, according to his LinkedIn profile. Prior to co-heading the infrastructure and natural resources unit, he spent five years at the helm of IFC's African Latin American and Caribbean Fund.
The NIIF is designed to attract investment from both domestic and international sources into Indian infrastructure projects. “The establishment activities of the fund are underway and step are being taken to operationalise the initiatives with investors,” the Ministry of Finance said.
While the Indian government will seed the fund with INR200 billion, the fund has also secured commitments from Russia’s RUSNANO, Abu Dhabi Investment Authority and Qatar Investment Authority. Further allocation from the Indian government’s budgets could be made as and when needed, the statement noted.