In a move, which would enable six sick State-owned entities like Scooters India ltd to become compliant with the 10 per cent minimum public holding norm of market regulator Sebi, the Government has approved the setting up of a Special National Investment Fund (SNIF).
The SNIF would be maintained outside the Consolidated Fund of India and will be managed by independent professional fund managers, to be appointed, Minister of Information and Broadcasting Manish Tewari told reporters. The Cabinet Committee on Economic Affairs (CCEA) had on Thursday approved setting up of Special National Investment Fund (SNIF), about which the Information and broadcasting Minister Manish Tewari briefed reporters on Friday.The other companies which will be benefited from the creation of the fund are Andrew Yule & Yule Company ltd.