Financial Daily from THE HINDU group of publications
Friday, Jan 20, 2006
Financial Daily from THE HINDU group of publications Friday, Jan 20, 2006 |
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Markets
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New Fund Offer Industry & Economy - Infrastructure IL&FS, Orix to launch $100-m pan-Asia fund Our Bureau
(From left) Mr Y. Miyauchi, Chairman & Chief Executive Officer, Orix Corporation, Japan, Mr P. Chidambaram, Finance Minister, and Mr Ravi Parthasarathy, Chairman & Managing Director of Infrastructure Leasing & Financial Services Ltd (IL&FS), at the signing of an agreement in Tokyo.
Mumbai , Jan 19 THE Mumbai-based IL&FS and Orix Corporation of Japan are jointly launching a $100-million Pan-Asia Project Development Fund. A joint venture agreement to this effect has been signed in Tokyo by Mr Y. Miyauchi, Chairman and CEO of Orix, which is an integrated financial services group based in Tokyo, and Mr Ravi Parthasarathy, Chairman and Managing Director of IL&FS, in the presence of Mr P. Chidambaram, Union Finance Minister. IL&FS and Orix have each committed $10 million to the fund, which will finance the development of infrastructure projects in principal Asian markets such as Indonesia, The Philippines, Malaysia, Thailand, Vietnam and others, including India, said a release. Given the strong economic growth in India, local companies have successfully demonstrated capabilities in developing infrastructure projects in Asia. Due to the inherent cost advantages and technical competencies, Indian companies are increasingly gaining a strong foothold in the Asian infrastructure arena vis-à-vis their western counterparts. Similarly, Japanese companies have proprietary high-end technologies with the natural framework emerging for a mutually beneficial Indo-Japanese partnership. Speaking on the occasion, Mr Anup Thakur, Economic Minister, Embassy of India in Japan, said: "We are very pleased with this initiative which is a true bilateral partnership between Indian and Japanese corporations. It is our expectation that a host of infrastructure initiatives with attendant project exports from the two countries could result from this effort." IL&FS Asian Infrastructure Managers Ltd will be the investment manager of the fund; it is a joint venture company set up by IL&FS Investment Managers Ltd, the private equity investment arm of IL&FS, and Orix.
More Stories on : New Fund Offer | Infrastructure
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