Sanjiv Aggarwal, who oversees global private equity firm Actis’s energy investments in Asia, is set to take over as the chief executive of National Investment & Infrastructure Fund (NIIF), two people aware of the matter said on condition of anonymity.

“Sanjiv has been selected to head NIIF. He is expected to join early next year,” said one of the two people cited above.

Aggarwal declined to comment. Queries sent Friday morning to spokespersons of the finance ministry, NIIF and the cabinet secretariat remained unanswered till press time.

NIIF, which is 49% owned by the Government of India, manages over $4.9 billion of equity capital commitments across its four funds—master fund, fund of funds, strategic opportunities fund, and India-Japan Fund.

Aggarwal will take over from Rajiv Dhar, who served as NIIF’s interim MD & CEO after Sujoy Bose, the fund’s boss since inception in 2016 quit in May. Dhar was earlier NIIF’s ED and COO.

Aggarwal’s entry at the quasi-sovereign wealth fund comes at a time when infrastructure investment has become central to India’s economic growth strategy.

The government is trying to improve the efficiency and speed of executing infrastructure projects under the PM Gati Shakti programme that brings various implementing agencies together.

India also offers tax incentives for overseas investments into the country’s infrastructure sector.

Actis, which invests only in emerging markets, has so far invested in financial services, energy and real estate sectors in India. Aggarwal, who joined the PE firm in 2008, has a deep understanding of Indian industry and the energy and infrastructure sectors.

Under Aggarwal, Actis sold its Indian renewable energy platform Sprng Energy in April 2022 at an enterprise value of $1.55 billion to energy major Shell Plc. Also under his leadership, Ostro Energy was sold to ReNew Power Ventures in 2018 at an enterprise value of $1.5 billion.

Blupine Energy Pvt. Ltd is the third clean energy firm established by Actis in India.

The PE firm has committed to invest up to $800 million in BluPine through its Energy 5 Fund, which represents $6 billion of investable capital focused on investing in global energy transition opportunities. Blupine Energy develops grid-connected solar and wind power parks, besides commercial and industrial (C&I) projects. The C&I segment has been attracting investors who plan to supply power to third-party and captive consumers, which prefer such suppliers instead of depending on the more expensive electricity grid.