29.08.2013 - India: 10 PSUs to raise Rs 15,000 cr via Sovereign Wealth Funds
In an effort to boost forex inflows, the Finance Ministry has worked out a strategy for as many as 10 public sector entities to tap Sovereign Wealth Funds (SWFs) to raise at least Rs 15,000 crore in foreign currency. This will be part of a tax-free bond issue. This is the first time that such funds have been allowed to be part of a tax-free bond issue. SWFs are normally state-owned, with funds collected from budget and trade surpluses. The money is normally invested in real and financial assets at home and abroad. Oil-rich West Asian nations own many of the world’s largest SWFs...............................................Full Article: Source
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