Actis Executive Sanjiv Aggarwal to lead India's NIIF

25 Dec 2023 CW Team

India?s government-backed quasi-sovereign wealth fund for infrastructure investments is poised to welcome its new leader.

According to two individuals familiar with the matter, Sanjiv Aggarwal, currently overseeing energy investments in Asia for the global private equity firm Actis, is slated to assume the role of Chief Executive at the National Investment & Infrastructure Fund (NIIF). The insiders, speaking on the condition of anonymity, stated that Aggarwal is expected to take on the position early next year.

One of the sources mentioned, "Sanjiv has been selected to head NIIF. He is expected to join early next year." However, Aggarwal declined to comment on the news. As of the time of inquiry, queries directed to the spokespersons of the finance ministry, NIIF, and the cabinet secretariat remained unanswered.

NIIF, in which the government of India holds a 49% ownership, oversees more than $4.9 billion in equity capital commitments across its four funds: the master fund, fund of funds, strategic opportunities fund, and India-Japan Fund.

Sanjiv Aggarwal is set to succeed Rajiv Dhar, who served as NIIF?s interim MD & CEO following the departure of Sujoy Bose, the fund?s chief since its inception in 2016, who resigned in May. Dhar, formerly NIIF?s ED and COO, stepped into the interim role.

Aggarwal's appointment comes at a crucial time when infrastructure investment plays a pivotal role in India?s economic growth strategy. The government is actively working on improving the efficiency and speed of executing infrastructure projects through the PM Gati Shakti program, which brings various implementing agencies together. Additionally, India provides tax incentives to attract overseas investments into the country?s infrastructure sector.

Actis, focusing exclusively on emerging markets, has made investments in India's financial services, energy, and real estate sectors. Aggarwal, having joined the private equity firm in 2008, possesses in-depth knowledge of the Indian industry, particularly the energy and infrastructure sectors.

During Aggarwal's tenure at Actis, significant transactions took place, including the sale of the Indian renewable energy platform Sprng Energy to Shell Plc in April 2022 for an enterprise value of $1.55 billion. Another notable deal was the sale of Ostro Energy to ReNew Power Ventures in 2018 at an enterprise value of $1.5 billion.

Blupine Energy, Actis's third clean energy venture in India, has received a commitment of up to $800 million through its Energy 5 Fund. This fund, representing $6 billion of investable capital, focuses on global energy transition opportunities. Blupine Energy is engaged in developing grid-connected solar and wind power parks, as well as commercial and industrial (C&I) projects. The C&I segment has attracted investors seeking to supply power to third-party and captive consumers, who prefer such suppliers over the more expensive electricity grid.

India?s government-backed quasi-sovereign wealth fund for infrastructure investments is poised to welcome its new leader. According to two individuals familiar with the matter, Sanjiv Aggarwal, currently overseeing energy investments in Asia for the global private equity firm Actis, is slated to assume the role of Chief Executive at the National Investment & Infrastructure Fund (NIIF). The insiders, speaking on the condition of anonymity, stated that Aggarwal is expected to take on the position early next year. One of the sources mentioned, Sanjiv has been selected to head NIIF. He is expected to join early next year. However, Aggarwal declined to comment on the news. As of the time of inquiry, queries directed to the spokespersons of the finance ministry, NIIF, and the cabinet secretariat remained unanswered. NIIF, in which the government of India holds a 49% ownership, oversees more than $4.9 billion in equity capital commitments across its four funds: the master fund, fund of funds, strategic opportunities fund, and India-Japan Fund. Sanjiv Aggarwal is set to succeed Rajiv Dhar, who served as NIIF?s interim MD & CEO following the departure of Sujoy Bose, the fund?s chief since its inception in 2016, who resigned in May. Dhar, formerly NIIF?s ED and COO, stepped into the interim role. Aggarwal's appointment comes at a crucial time when infrastructure investment plays a pivotal role in India?s economic growth strategy. The government is actively working on improving the efficiency and speed of executing infrastructure projects through the PM Gati Shakti program, which brings various implementing agencies together. Additionally, India provides tax incentives to attract overseas investments into the country?s infrastructure sector. Actis, focusing exclusively on emerging markets, has made investments in India's financial services, energy, and real estate sectors. Aggarwal, having joined the private equity firm in 2008, possesses in-depth knowledge of the Indian industry, particularly the energy and infrastructure sectors. During Aggarwal's tenure at Actis, significant transactions took place, including the sale of the Indian renewable energy platform Sprng Energy to Shell Plc in April 2022 for an enterprise value of $1.55 billion. Another notable deal was the sale of Ostro Energy to ReNew Power Ventures in 2018 at an enterprise value of $1.5 billion. Blupine Energy, Actis's third clean energy venture in India, has received a commitment of up to $800 million through its Energy 5 Fund. This fund, representing $6 billion of investable capital, focuses on global energy transition opportunities. Blupine Energy is engaged in developing grid-connected solar and wind power parks, as well as commercial and industrial (C&I) projects. The C&I segment has attracted investors seeking to supply power to third-party and captive consumers, who prefer such suppliers over the more expensive electricity grid.