Comments
The Oman India Joint Investment Fund has invested Rs 55 crore in the Chennai-based electronics company, Indus Teqsite Pvt Ltd. The investment would be used by Indus to “strengthen its production and technology infrastructure”, says a note from Veda Corporate Advisors, which was Indus’s advisor for the transaction.
Established in July 2010, the Oman India Joint Investment Fund has been dormant until recently. Last month, new reports broke that the Fund would invest Rs 70 crore in Solar Industries, a company that manufactures explosives.
The Fund was conceived when Prime Minister Manmohan Singh visited Oman in November 2008. It was given shape in July 2010. It has a corpus of $100 million, and the two countries have agreed to raise it to $1.5 billion as and when the need arises.
The Fund is headquartered in Mumbai and is managed jointly by the State Bank of India and Oman State General Reserve Fund.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.