The 3rd Meeting of the Governing Council of the “National Investment and Infrastructure Fund (NIIF)” was held
here today under the Chairmanship of the Union Finance Minister, Shri Arun Jaitley where in the Finance Minister
reviewed the performance of NIIF so far and action taken by it in order to attract investment from foreign Soverign Wealth Funds among others in the infrastructure sector in the country

It was informed that

(i) Strong investment pipeline with investment opportunities is under consideration in the roads, ports, aviation
and power sectors.

(ii) NIIF is Considering investments in third party managed funds focused on clean energy(Green Growth Fund
already committed), affordable housing and medium sized infrastructure companies

The Governing Council expressed its desire for NIIF to function as a major platform in India, to leverage and
attract overseas long-term investments in various infrastructure sectors in the Country

As far as the issue of the Fund raising is concerned, it was informed that:

(i) Master Contribution Agreement has been signed between Secretary, Department of Economic Affairs, Ministry
of Finance, Government of India (As the “Contributor”) and National Investment and Infrastructure Fund Limited
(NIIFL) ( As the “ Investment Manager’). The Agreement has been executed to formalize the commitment of INR
20,000 crores by Government of India to National Investment and Infrastructure Fund (NIIF).

(ii) Following this Agreement, steady progress on fund-raising efforts with several international institutional
investors, following-up on MoUs signed by Govt of India has been made. A first close of NIIF is expected very
soon.

(iii) The NIIF Governance Structure has been developed with technical assistance from DFID, UK which has been
further reviewed and confirmed by Stanford University’s Global Project Centre under the MOU with the US
Treasury.

As far as the Operational Status of NIIF is concerned, it was informed that:

(i) A team of twelve staff, including the CEO, National Investment and Infrastructure Fund Limited is now in
place. Further recruitments of high quality staff through a global search process is underway. Strong international response to hiring efforts and advertisements for recruitment of expert staff has been received.

(ii) The establishment of NIIF’s permanent Delhi office is complete and the establishment of its head office in
Mumbai is currently under refurbishment. NIIF staff are already operating in a hired space.

Shri Subhash Chandra Garg, Secretary, Department of Economic Affairs (DEA), Ms Anjuly Chib Duggal, Secretary, Department of Financial Services (DFS), Shri T.V. Mohandas Pai and Shri Hemedra Kothari, Members of the Governing Council and other senior officials were present during the aforesaid meeting.