Coimbatore: In perhaps a first for the country, markets regulator SEBI (Securities and Exchange Board of India) has approved an ‘Airport’ specific fund. ‘Taking Off To The Future Airport Fund’, which can raise a capital of up to Rs 10,000 crore ($1.5 billion), has been approved by SEBI as a ‘Category II Alternative Investment Fund’ (AIF).
Chennai-based ‘Taking Off To The Future Investment Management LLP’ is the sponsor and the investment manager of the fund.
The management and operation of ‘Sponsor/Investment Manager’ is led by its designated partner Gigi George.
George currently serves as the managing director of ‘Taking Off To The Future Private Limited’, an infrastructure company that has a presence in the airport sector.
George is planning to develop Chennai’s second airport on 3,500 acres of land at Mamandur, about 80 kms south of the city. “We have identified four projects including the second airport for Chennai and a project in Central Travancore, Kerala (for investments),” George said.
“There is a lot of interest from large pension funds based in the US and Canada, sovereign wealth funds and private equity funds,” he said.
“Investors would start getting returns from the fund from the third year,” George said. “The potential is huge. But the issue in India is that it is not easy to get capital for large projects with long tenure,” he said. The fund would receive contributions from banks, corporates, institutional investors, insurance companies, pension funds, high net worth individuals and other investors in India and abroad as permitted under the AIF Regulations.
The fund is targeting a minimum capital contribution of Rs 3,500 crore and a maximum capital contribution of Rs 7,000 crore. “The ‘Trustee’ and the ‘Investment Manager’ shall have the option, at their discretion, to revise the target capital commitments, subject to the maximum size of the fund, not exceeding Rs 100 billion (Rs 10,000 crore),” the fund said.
06/03/19 M Allirajan/Times of India
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Chennai-based ‘Taking Off To The Future Investment Management LLP’ is the sponsor and the investment manager of the fund.
The management and operation of ‘Sponsor/Investment Manager’ is led by its designated partner Gigi George.
George currently serves as the managing director of ‘Taking Off To The Future Private Limited’, an infrastructure company that has a presence in the airport sector.
George is planning to develop Chennai’s second airport on 3,500 acres of land at Mamandur, about 80 kms south of the city. “We have identified four projects including the second airport for Chennai and a project in Central Travancore, Kerala (for investments),” George said.
“There is a lot of interest from large pension funds based in the US and Canada, sovereign wealth funds and private equity funds,” he said.
“Investors would start getting returns from the fund from the third year,” George said. “The potential is huge. But the issue in India is that it is not easy to get capital for large projects with long tenure,” he said. The fund would receive contributions from banks, corporates, institutional investors, insurance companies, pension funds, high net worth individuals and other investors in India and abroad as permitted under the AIF Regulations.
The fund is targeting a minimum capital contribution of Rs 3,500 crore and a maximum capital contribution of Rs 7,000 crore. “The ‘Trustee’ and the ‘Investment Manager’ shall have the option, at their discretion, to revise the target capital commitments, subject to the maximum size of the fund, not exceeding Rs 100 billion (Rs 10,000 crore),” the fund said.
06/03/19 M Allirajan/Times of India
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