17.09.2013 - India govt plans sovereign wealth fund
The government is setting up a company India Overseas Investment Corporation (INOIC) under the finance ministry on the lines of a sovereign wealth fund to lend financial muscle for securing access to overseas natural resources. A concept note prepared by the ministry goes beyond the conventional reasons of acquiring energy assets to justify the need for INOIC. "Other key areas such as food security (also ) requires access to fertilizers to augment food stocks as well as to enhance farm productivity," the note said. With INOIC, India will join a select group of economies such as US, Russia, China, South Korea, Singapore, Malaysia, Brunei, Qatar and UAE that have pushed overseas acquisitions and business through such funds...............................................Full Article: Source
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