Sanjiv Aggarwal to take charge at NIIF, likely to join early 2024
NEW DELHI: India’s government-backed quasi-sovereign wealth fund for infrastructure investments is now ready to welcome its new honcho. Sanjiv Aggarwal, who oversees global private equity firm Actis’s energy investments in Asia, is set to take over as the chief executive of National Investment & Infrastructure Fund (NIIF), two people aware of the matter said on condition of anonymity. “Sanjiv has been selected to head NIIF.
He is expected to join early next year," said one of the two people cited above. Aggarwal declined to comment. Queries sent Friday morning to spokespersons of the finance ministry, NIIF and the cabinet secretariat remained unanswered till press time.
NIIF, which is 49% owned by the Government of India, manages over $4.9 billion of equity capital commitments across its four funds—master fund, fund of funds, strategic opportunities fund, and India-Japan Fund. Aggarwal will take over from Rajiv Dhar, who served as NIIF’s interim MD & CEO after Sujoy Bose, the fund’s boss since inception in 2016 quit in May. Dhar was earlier NIIF’s ED and COO.
Aggarwal’s entry at the quasi-sovereign wealth fund comes at a time when infrastructure investment has become central to India’s economic growth strategy. The government is trying to improve the efficiency and speed of executing infrastructure projects under the PM Gati Shakti programme that brings various implementing agencies together. India also offers tax incentives for overseas investments into the country’s infrastructure sector.
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