| From Mineweb.co.za: Whether it is $25 billion or just $5 billion, the Indian government has decided against setting up a Sovereign Wealth Fund for financing overseas acquisitions by Indian corporates, notably those dealing in rare earths. For long, the Indian government has been debating the institution of a Sovereign Wealth Fund (SWF) that would allow the country's forex reserves to be used for investment in mineral and oil assets.
The country's most recent SWF proposal, (the earlier one that was nixed was to the tune of $25 billion) was a joint effort by the ministry of petroleum and the ministry of external affairs, and involved the conception of a fund to buy strategic mineral assets. Though most expectedthe SWF to buy oil for the country, the target this time appeared to be rare earth deposits...........................................Full Article: Source
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