The government is reportedly setting up asovereign wealth fund to garner natural resources abroad. The move makes perfect sense, as it would allow sourcing the commodities at cost price rather than the going, often steep, market rates.
Which is why, the idea of a ready corpus to acquire stakes in hydrocarbon and fertiliser-feedstock assets overseas can no longer be set aside, given our energy constraints and the lack of domestic resources for plant nutrients. It pays to be forward looking. Public sector entities have been, for years, acquiring equity stake in foreign oil and gas fields and, lately, coal mines, albeit after time-consuming approvals.
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