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Govt Allows Agam SPV Six To Set Up New Airports In India
Posted by Pradeep Sadanapalli | May 3, 2008 | 406 views
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Loading ...Government has approved foreign direct investment of up to 300 million dollars (Rs 1,170 crore) by Cayman Islands-based Agam SPV Six Ltd to set up new airports in the country and upgrade the existing ones.
The company, which has an authorised share capital of 50,000 US dollars, would be managed by the Atlas Capital Group through the Agam Fund Ltd and Sigma Asset Management (Guernsey) Ltd, a wholly-owned subsidiary of Atlas, an official spokesperson said here.
The Atlas group has identified domestic airport infrastructure space in India as its key focus and already committed an initial capital of five million dollars through the dedicated Agam SPV Six.
The Cabinet Committee on Economic Affairs (CCEA) had last night cleared the proposal of the Agam SPV Six, registered in the tax haven of the Caribbeans, to set up a wholly-owned subsidiary in India.
“The Special Purpose Vehicle should make full disclosures of its source of funds and undertake to adhere fully to know-your-customer norms,” Finance Minister P Chidambaram had said after the CCEA meeting.
The approval would be subject to the company’s compliance with the sectoral regulations notified by the Ministry of Civil Aviation, he said.
The government has recently allowed 100 per cent FDI under the automatic route for greenfield airports project. Last month, government approved the new greenfield airports policy.
SOURCES:
Economic Times
Topics: Airports, New Pospects |
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