| The government is mulling setting up a new company, loosely modeled on the concept of a sovereign wealth fund, to finance the acquisition of natural resource assets abroad. The proposed Indian Overseas Investment Corp Ltd (INOIC) will be wholly owned by the government and administered by the Ministry of Finance, officials said.
INOIC won't be a sovereign wealth fund in the conventional sense, though it will invest in ownership of natural resource assets overseas. It will be a development finance institution with the mandate to provide equity and debt to public sector companies to secure natural resources abroad, they said...............................................Full Article: Source |