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Thursday, July 23, 2009

UTI AMC declares setting up of India Infrastructure Development Fund

It is a private equity fund that invest in unlisted companies engaged in infrastructure sectors

UTI Asset Management Company announces setting up of India Infrastructure Development Fund (IIDF), an infrastructure focused, private equity fund. The fund will have a corpus of USD 500 million. The fund is being set up in association with two off-shore partners' namely HSH Nordbank, (HSH) Germany and Noor Financial Investment Company, Kuwait.

HSH Nordbank is a leading financier in Transportation sector especially in shipping, aviation and other transport related infrastructure projects. It is also the largest financier of Ships in the world. HSH has global business interests and in India, it has participated in debt financing of Delhi Airport modernization.

Noor is engaged in investment activities and financial services primarily in Kuwait, the Middle East, Asia, and other emerging markets. Noor is also shareholders in a number of leading companies in Kuwait including Kuwait Finance House, the 2nd largest Islamic Bank in the world.

Commenting on the initiative, U K Sinha, Chairman and Managing Director, UTI AMC said, "Infrastructure sector is a focus area for Government of India and it needs huge investments over the next 4 - 5 years. A significant number of PPP projects across various infrastructure sectors are being offered to the private developers. Recognizing this potential, UTI AMC has decided to set up this fund mainly with a view to channelize funds from offshore investors".

UTI AMC has created a dedicated team for managing the fund. The fund will invest in unlisted companies engaged in infrastructure sectors like roads, ports, power, logistics, airports, energy and other core infrastructure sectors in India. The fund has already made an investment in a City Gas Distribution project.

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