The Hindu Business Line : Agam’s FDI proposal referred to Cabinet panel

New Delhi, March 27 The Foreign Investment Promotion Board (FIPB) has referred to the Cabinet Committee on Economic Affairs (CCEA) a proposal of Agam SPV Six to establish a wholly owned subsidiary with FDI of up to Rs 1,170 crore to explore various opportunities in developing greenfield projects and upgrading existing airports in India.

Agam SPV Six would be managed by the Atlas Capital Group, through the Agam Fund Ltd and Sigma Asset Management, a subsidiary of Atlas Capital Associates. Atlas Capital Group was established as an alternative asset management and advisory firm, and has now evolved into a firm, that advises over $4.3 billion in assets through its funds, managed accounts, institutional accounts and wealth management arms.

The group advises over $600 million of dedicated investments in emerging markets through various portfolios managed by Sigma Asset Management, of which $70 million is invested directly in India through dedicated funds and other investments across equity and fixed income space.

Atlas Capital has identified the domestic airport infrastructure space in India as its key focus in this new fund and has already committed about $5 million (as initial capital) through the new dedicated SPV. Moreover, sources said the project already has initial commitments of up to $100 million following preliminary discussions with various clients and partners.

During the discussions, the Department of Industrial Policy and Promotion did not raise objection to the proposal, subject to the project meeting sectoral regulations. The Ministry of Civil Aviation has also supported the proposal.

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