UTI AMC to set up India Infrastructure Development Fund

MUMBAI: UTI Asset Management Company on Thursday announced 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.

Explaining the rationale of setting up of an infrastructure fund, 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.���

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.