Sujoy Bose will become the first CEO of India's National Investment and Infrastructure Fund, a sovereign wealth fund-like entity launched by India's government last year to funnel capital to the country's infrastructure sector, said a Ministry of Finance announcement.
Mr. Bose will come to NIIF from the Washington-based International Finance Corp., where he serves as director and global co-head, infrastructure and natural resources.
A New Delhi-based spokeswoman for the IFC confirmed Mr. Bose's role at the IFC but said she could offer no further details on his plans. A spokesman for India's finance ministry couldn't immediately be reached for further comment.
A Finance Ministry memorandum last August announcing government approval for the NIIF's establishment said an initial budgetary allocation of 200 billion rupees ($2.9 billion) would enable the NIIF “to be seen virtually as a sovereign fund,” capable of attracting “overseas sovereign/quasi-sovereign/multilateral/bilateral investors to co-invest in it.”
The announcement of Mr. Bose's appointment noted that memorandums of understanding have already been signed with a handful of high profile overseas investors, including the $773 billion Abu Dhabi Investment Authority and the $256 billion Qatar Investment Authority, to facilitate investment flows from those investors to India's infrastructure sector.