Indian sovereign fund for oil assets? - TODAYonline

NEW DELHI - India, with US$254 billion ($354 billion) of foreign-exchange reserves, may create a sovereign wealth fund to help state companies compete for overseas energy assets with China, a government official said.

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The oil ministry has formally asked the finance ministry to set up a fund using a part of the reserves, the official said, declining to be identified because a decision hasn't been reached. The size of the fund is yet to be determined, he said.

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"Such a fund would be very, very welcome if we are to compete with the Chinese," said Mr R S Sharma, chairman and managing director of state-run Oil and Natural Gas Corp, India's biggest energy explorer.

Full Story: Indian sovereign fund for oil assets? - TODAYonline