The National Investment and Infrastructure Fund (NIIF) is talking to 3-4 global investors and is likely to finalise agreements for funding projects by March-end, a top government official said.
"Discussions are in very advanced stage with a few investors. That is what NIIF informed us," Economic Affairs Secretary Shaktikanta Das told PTI in an interview.
Prodded further, he said it would be inappropriate to share names of investors when talks are on. Talks are going on with 3-4 investors.
"We are waiting for investments to come in. Hopefully, they will come before March. We will be able to reappropriate the funds if required," he said.
As per the latest Budget papers, the government has drastically lowered the allocation for NIIF from Rs 4,000 crore to Rs 1,000 crore in the revised estimates.
For the next fiscal, the government has made a provision of Rs 1,000 crore, an indication that there are expectations of low funds mobilisation under this.
In December 2015, the government had set up the Rs 40,000 crore NIIF, an investment vehicle for funding commercially viable greenfield, brownfield and stalled projects.
While the Centre will invest Rs 20,000 crore in NIIF, the remaining is to come from private domestic and foreign investors who can invest in the umbrella fund or smaller sector or project-specific funds within it.
Last year, the government announced that it is in the process of setting up two sub-funds under NIIF -- one in clean energy fund which will primarily focus on renewable energy, and another with focus on highway projects.
It has been incorporated as a company under the Companies Act, 2013, authorised to act as an investment manager.
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