Business Daily from THE HINDU group of publications
Saturday, May 03, 2008
ePaper | Mobile/PDA Version | Audio
Business Daily from THE HINDU group of publications Saturday, May 03, 2008 ePaper | Mobile/PDA Version | Audio |
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Foreign Direct Investment Industry & Economy - Infrastructure CCEA approves Agam SPV Six’s FDI plans Our Bureau New Delhi, May 2 The Cabinet Committee on Economic Affairs (CCEA) on Thursday gave its approval to Agam SPV Six Ltd to establish a wholly-owned subsidiary with FDI of up to Rs 1170 crore to set up new airports and upgrade existing airports in India. The approval is subject to conditions such as compliance with sectoral norms; and the stipulation that the SPV should make full disclosure of its source of funds and undertake to adhere fully to know-your-customer norms. 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 had initial commitments of up to $100 million following preliminary discussions with various clients and partners. Earlier, Foreign Investment Promotion Board had referred the proposal to CCEA. More Stories on : Foreign Direct Investment | Infrastructure
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