India clears Cayman Island firm’s proposal on airports

New Delhi: The Indian government Thursday gave its approval to a proposal from a Cayman Islands-based company, Agam SPV Six Ltd, to set up new airports and upgrade existing ones in the country with foreign direct investment of up to $300 million. A meeting of the Cabinet Committee on Economic Affairs, presided over by Prime Minister Manmohan Singh, gave the approval subject to the sectoral regulations notified by the civil aviation ministry.

“The special purpose vehicle (or the holding arm) should make full disclosures of its source of funds,” an official statement issued after the meeting said, adding that the project can be taken up either directly or through subsidiaries.

“The approval will result in foreign direct investment amounting to $300 million being received in the country,” the statement added.
The decision on Agam’s proposal comes just a week after the government approved a new airports policy that summarily bars any new project within a 150 km radius of existing ones. Proposals for airports within 150 km radius is to be decided on the merits of each case.
01/05/08 IANS/Thaindian.com, Thailand

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Categories: Airports May 2008, Foreign Mar 2008, New May 2008