First Indian state-backed fund is said close to naming a new CEO

By Preeti Singh, Saikat Das and Baiju Kalesh

National Investment & Infrastructure Fund, India’s state-backed manager with $4.3 billion of assets, is close to picking a new Chief Executive Officer, according to people familiar with the matter. 
 

Padmanabh Sinha, chief investment officer of NIIF’s growth equity program, and Manavendra Kumar Sinha, chief investment officer for global infrastructure and natural resources investments at Abu Dhabi Investment Council, are among those who have been shortlisted to helm the company, according to the people, who asked not to be named as the information is not public. The final decision could be announced as early as this month, they said. 

The investment fund’s board has been searching for a new head since Sujoy Bose, its first chief executive, announced his intention to step down in September. Bose is credited with building the team and its vision, and the new chief will help steer the state-backed fund, which has faced challenging times because of a mismatch of expectations with its majority shareholder.

The Ministry of Finance and NIIF did not respond immediately to messages seeking confirmation on the candidates. The two candidates did not respond to messages sent on their LinkedIn pages or to calls to their offices.

NIIF is India’s first major attempt to develop a capital-raising structure on home soil, and is majority-owned by international investors like Abu Dhabi Investment Authority and Singapore’s Temasek Holdings Pte. The Indian government, with a 49% stake, is NIIF’s largest shareholder. It is managed by its governing council and board, which comprises a mix of government officials and private-sector professionals.