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Sovereign Wealth Funds Briefing - Categorized | Fund Profile/New Launches

India to set up company for overseas investments, not a conventional SWF

Posted on 18 September 2013

In contrast to the conventional sovereign wealth fund (SWF) traditionally floated by rich economies, India is looking at floating a new company — the India Overseas Investment Corp Ltd (INOIC) — that will invest in the ownership of natural resources assets overseas to create long-term resource security without drawing on the forex reserves that will continue to be managed by the Reserve Bank of India.
“INOIC will not be India’s SWF in the conventional sense but will be a development finance institution with the specific mandate to provide equity and debt to Indian public sector enterprises (PSEs) for securing natural resources abroad,” said a senior government official associated with the process………………………………………..Full Article: Source


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