IL&FS, Orix to float infra AMC, eyes $100mn corpus

IL&FS Investment Managers has entered into a 51:49 joint venture agreement with Japan-based Orix Corporation to form an asset management company (AMC) to manage a pan-Asia project development fund.

According to a release issued by IL&FS to the BSE today, Orix is one of the world's largest financial services corporations.

"The fund is being co-sponsored by Orix and Infrastructure Leasing & Financial Services (IL&FS), and is being set up with a target corpus of $100 million. Orix and IL&FS have each committed $10 million to the fund, which will finance the development of infrastructure projects in Asian markets like Indonesia, Philippines, Malaysia, Thailand, Vietnam and India," the release added.