The NIIF has partnered with DP World to create an investment platform for ports, terminals, transportation and logistics businesses in India.
National Investment and Infrastructure Fund:
National Investment and Infrastructure Fund (NIIF) is a fund created by the Government of India for enhancing infrastructure financing in the country.
It provides equity / quasi-equity support to those Non-Banking Financial Companies (NBFCs)/Financial Institutions (FIs) that are engaged mainly in infrastructure financing.
These institutions will be able to leverage this equity support and provide debt to the projects selected.
Invest in funds engaged mainly in infrastructure sectors and managed by Asset Management Companies (AMCs) for equity / quasi-equity funding of listed / unlisted companies.
It provides Equity/ quasi-equity support / debt to projects, to commercially viable projects, both greenfield and brownfield, including stalled projects.
The NIIF is being operationalized by establishing three Alternative Investment Funds (AIFs) under the SEBI Regulations.
The proposed corpus of NIIF is Rs. 40,000 Crores (around USD 6 Billion).
GOI’s contribution to the AIFs under the NIIF scheme shall be 49% of the total commitment.
NIIF has mandate to solicit equity participation from strategic anchor partners, like overseas sovereign/quasi-sovereign/multilateral/bilateral investors.
Its creation was announced in the Union Budget 2015-16.
Financial Times (London) had adjudged NIIF as the Most Innovative structure in Asia Pacific under Finance category.
Objectives of NIIF are:
The objective of NIIF would be to maximize economic impact mainly through infrastructure development in commercially viable projects, both greenfield and brownfield, including stalled projects.
It could also consider other nationally important projects, for example, in manufacturing, if commercially viable.
Functions of NIIF include:
Fund raising through suitable instruments including off-shore credit enhanced bonds, and attracting anchor investors to participate as partners in NIIF
Servicing of the investors of NIIF
Considering and approving candidate companies/institutions/ projects (including state entities) for investments and periodic monitoring of investments
Investing in the corpus created by Asset Management Companies (AMCs) for investing in private equity
Preparing a shelf of infrastructure projects and providing advisory service
FACT # 2
Mohanpura Irrigation Project
Why in news?The PM has recently inaugurated Rs 3,866cr Mohanpura irrigation project in MP’s Rajgarh.
Mohanpura irrigation project:
The Mohanpura IrrigationProject is located in Rajgarh district in Madhya Pradesh.
The Rs 3,866-crore project includes a dam and a canal system.
The project is implemented under the Pradhan Mantri Krishi Sinchai Yojana.
It is construced on river Newaj in Chambal River Basin.
It will benefit 727 villages in the state.
Over 700 villages would directly benefit from the project.
It would irrigate 1.25 lakh hectares of land and would also provide drinking water to over 400 villages.
It is a great service to women who face lots of difficulties in fetching water from long distances.
The Chambal Riveris a tributary of the Yamuna River in central India, and forms part of the greater Gangetic drainage system.
The river flows north-northeast through Madhya Pradesh, running for a time through Rajasthan, then forming the boundary between Rajasthan and Madhya Pradesh before turning southeast to join the Yamuna in Uttar Pradesh
It is a legendary river and finds mention in ancient scriptures.
The perennialChambal originates at janapav, on the south slope of the Vindhya Range in Madhya Pradesh.
It ends a confluence of five rivers, including the Chambal, Kwari, Yamuna, Sind, Pahuj, at Pachnadanear Bhareh in Uttar Pradesh state, at the border of Bhindand Etawah
The Chambal River is considered pollution free.
It hosts an amazing riverine faunal assemblage including 2 species of crocodilians – the mugger and gharial, 8 species of freshwater turtles, smooth-coated otters, gangetic river dolphins, skimmers, black-bellied terns, sarus cranes and black-necked storks, etc.
The Chambal River is utilized for hydropowergeneration at Gandhi Sagar dam, Rana Pratap Sagar dam and Jawahar Sagar Dam and for annual irrigation of 5668.01 square kilometres in the commands of the right main canal and the left main canal of the Kota Barrage.
FACT # 3
Why in news?India and Bangladesh have agreed to institute a Coordinated Patrol (CORPAT) as an annual feature between the two Navies.
Over the last few years the Indian Navy has expanded its assistance to countries in the region through:
EEZ (Exclusive Economic Zone) surveillance
provisioning of platforms
offering slots in professional training courses
The Navy also regularly conducts CORPATs with Indonesia, Myanmar and Thailand.
It also conducts EEZ surveillance of Maldives, Mauritius and Seychelles on their request.
Now, in a latest move, India and Bangladesh have jointly instituted a Coordinated Patrol a.k.a. CORPAT.
It will be held annually between the two Navies.
The commencement of CORPAT is major step towards enhanced operational interaction between both Navies.
Naval cooperation between India and Bangladesh has been traditionally strong, encompassing a wide span which includes operational interactions through port calls, passage exercises along with capacity building, capability enhancement and training initiatives.