The Unit Trust of India in association with AMP of Australia has launched "the India Infrastructure Fund" and has achieved its closure for the fund with a commitment of $50 million from AMP Australia.
The India Infrastructure Fund is dedicated to tap equity and quasi-equity investment opportunities in infrastructure sector in India. According to an official statement, the fund is expected to touch the $500 million mark over a period of about two years. The fund has been structured as a multi-class limited life company incorporated in Mauritius. The tenure of the fund is seven years with a provision for extension by another three years.
UTI is the country's largest mutual fund with over Rs 63,500 crore of investible funds, of which over Rs 4,300 crore are in the infrastructure sector. The investments made by UTI in the infrastructure sector include major companies such as BSES, Tata Electric Companies, CESC Ltd, MTNL, VSNL, HPCL, BPCL, ONGC, besides ports and urban infrastructure.
UTI's infrastructure portfolio includes a full range of companies in start-up ventures, initial public offering (IPO) subscriptions, secondary market/listed equity acquisitions and follow-on investments.
UTI, being a significant investor in the Indian infrastructure market (telecom, oil companies, petrochem, ports and utilities), has identified select infrastructure projects in the areas of ports, power, roads, telecom and pipeline as possible investments for the fund. Due-diligence on these deals is expected to commence shortly.
UTI will pro-actively source deals and a dedicated team of professionals has been formed for this purpose.
AMP As
