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.
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
Financial Watchdog Highlights Unresolved Vulnerabilities In Shadow Banking Sector
The world’s leading financial stability watchdog has issued a warning about the unresolved vulnerabilities within the ... Read more
JPMorgan And Small Caps Lead Market Rally: A Sign Of Economic Optimism
In a week marked by strong financial performance, JPMorgan Chase & Co. reported a 25% rise in profits, and US small-... Read more
Big Banks Vs. Regional Banks: The Battle For Market Share
The financial industry is a competitive landscape where big banks and regional banks vie for market share. Each type of ... Read more
The Evolution Of Philanthropic Advisory Services In Private Banks
The landscape of philanthropic advisory services provided by private banks has undergone a significant transformation. T... Read more