Sovereign fund NIIF ropes in Sanjiv Aggarwal as CEO

Quasi-sovereign wealth fund, the National Investment and Infrastructure Fund Limited (NIIF), named Sanjiv Aggarwal as its CEO and Managing Director (MD) on Friday.

Aggarwal takes over Rajiv Dhar, who has been serving as the interim CEO and MD since May 2023, the statement said. Sanjiv Aggarwal will bring 'significant experience' in the infrastructure and energy sectors.

Sujoy Bose was the former CEO and MD who resigned from the company in May 2023.

Aggarwal previously worked at UK-based investment firm Actis, where he oversaw the company's energy investments in Asia, including the sale of Actis' Indian renewable energy platform Sprng Energy to energy major Shell Plc in April 2022 for $1.55 billion.

His appointment comes at a time when the NIIF, has stepped up its investments in the infrastructure and growth equity segments.

Last month, it invested about 6.75 billion rupees ($81.16 million) in the new greenfield airport project in Andhra Pradesh, to be developed by airport operator GMR Airports.

In October 2023, it  collaborated with the Japan Bank for International Cooperation (JBIC) to introduce a $600 million fund aimed at funding sustainability projects.

The fund is also an investor in local private equity and mid-market private equity funds such as Multiples Alternate Asset Management and Lighthouse India Fund IV. 

(With Reuters Inputs)