GACL in pact with three foreign funds

By Our Special Correspondent

MUMBAI, MARCH 22. Gujarat Ambuja Cements (GACL) has announced that it has entered into a strategic partnership with three foreign institutional funds - AIG Asian Institutional Fund II L. P. (AAIF II), GIC Special Investments Pte Ltd (GIC SI) and the AIG Asian Opportunity Fund (AAOF) to jointly carry out cement businesses in India with Ambuja Cement India (Ambuja India).

According to a press release issued here today, ``In this strategic partnership, GACL will own 60 per cent of the share capital and the balance of 40 per cent will be owned by the aforesaid foreign institutional funds.

AAIF II, with $1.7 billion in commitments, makes investments in equity and convertible securities in the infrastructure related sectors in China, India, Korea, the Philippines, Thailand and other Asian countries. American International Group (AIG) is the sponsor, the Government of Singapore Investment Corporation Pte Ltd (GIC) is the principal investor and emerging markets partnership, based in Washington, DC, is the principal advisor to AAIF II.

GIC SI is the private equity arm of GIC which is the largest global investment institution in Singapore. GIC manages the long- term reserves of the Government of Singapore and has investments in over 40 countries around the globe.

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Section  : Business
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