India is facing demands from the local state-owned oil industry to create the country's first sovereign wealth fund to compete with China in the race to secure global energy assets, according to government and industry officials.
The discussions under way between the oil and finance ministries to set up a sovereign investment fund were at an early stage, the officials said, and no deadline had been set.
The plan, if adopted, would repudiate an initiative pushed by New Delhi in 2006 for India to join forces with China in bidding on global energy projects to keep costs down.
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