First Indian State-backed Fund Is Said Close To Naming A New CEO
Listen to This Article
By Preeti Singh, Saikat Das and Baiju Kalesh
National Investment & Infrastructure Fund, India’s state-backed manager with $4.3 billion of assets, is close to picking a new Chief Executive Officer, according to people familiar with the matter.
Padmanabh Sinha, chief investment officer of NIIF’s growth equity program, and Manavendra Kumar Sinha, chief investment officer for global infrastructure and natural resources investments at Abu Dhabi Investment Council, are among those who have been shortlisted to helm the company, according to the people, who asked not to be named as the information is not public. The final decision could be announced as early as this month, they said.
The investment fund’s board has been searching for a new head since Sujoy Bose, its first chief executive, announced his intention to step down in September. Bose is credited with building the team and its vision, and the new chief will help steer the state-backed fund, which has faced challenging times because of a mismatch of expectations with its majority shareholder.
The Ministry of Finance and NIIF did not respond immediately to messages seeking confirmation on the candidates. The two candidates did not respond to messages sent on their LinkedIn pages or to calls to their offices.
NIIF is India’s first major attempt to develop a capital-raising structure on home soil, and is majority-owned by international investors like Abu Dhabi Investment Authority and Singapore’s Temasek Holdings Pte. The Indian government, with a 49% stake, is NIIF’s largest shareholder. It is managed by its governing council and board, which comprises a mix of government officials and private-sector professionals.
BoE Loosens Capital Rules
The Bank of England has taken a significant step towards easing post-crisis regulation by lowering its estimate of the c... Read more
Monzo Looks For US Banking License
Monzo is preparing a renewed push to secure a US banking licence, four years after abandoning its first attempt when tal... Read more
Crypto Firms Push Into US Banking
America’s cryptocurrency companies are scrambling to secure a foothold in the country’s traditional banking system, ... Read more
Parallel Banking: Stablecoins Are Now Global
Parallel Banking: How Stablecoins Are Building a New Global Payments SystemStablecoins—digital currencies pegged to tr... Read more
JPMorgan Deploys AI Chatbot To Revolutionize Research And Productivity
JPMorgan has deployed an AI-based research analyst chatbot to enhance productivity among its workforce, with approximate... Read more
Private Equity And Banks: The Complex Web Of Leverage
Private equity has emerged as a significant force in the global financial landscape, driving substantial growth and inve... Read more