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India Plans $10B Sovereign Fund

India is planning to create a new sovereign wealth fund to secure energy assets abroad.

India is planning to create a new sovereign wealth fund to secure energy assets abroad, Pensions & Investments reports. The nation seeks to raise around $10 billion for the fund from its foreign-exchange reserves.

The fund is aimed to support state-run companies to compete with their overseas counterparts for energy assets. India, which presently has $282 billion in foreign-currency assets, may increase the size of the wealth fund in the future, adds Reuters.

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