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

India abandons plan for sovereign wealth fund

Posted on 23 August 2010

From Indiatimes.com: India has abandoned the plan to create a sovereign wealth fund on the line of Singapore, United Arab Emirates, Saudi Arabia, China and Russia, the finance ministry said on Friday. “The government had examined a proposal to create a sovereign fund of $5 bn for financing acquisitions of companies abroad. However, it was decided not to pursue this proposal,” Minister of State for Finance Namo Narain Meena said.
Currently, there are more than 50 sovereign wealth funds, managing assets worth nearly $3 trillion. Most of these funds are run by the countries that have huge trade surplus. It is mostly funded by commodity revenues, predominantly from oil and gas exports…………………………………….Full Article: Source


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