CCEA nods FDI proposal of Rs 15k cr by Anchorage Infra Investment

On Wednesday, the Cabinet Committee of Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi, approved a 15,000-crore foreign direct investment (FDI) proposal by Anchorage Infrastructure Investment Holding Ltd, a subsidiary of Canada-based pension fund, for infrastructure investment. The Cabinet Committee of Economic Affairs (CCEA) approved the FDI proposal particularly for investment in infrastructure and the construction-development areas. These may comprise transport and logistics, along with downstream investment in the airport sector and aviation-related businesses and services. The investment also involves the transfer of Bangalore International Airport Limited shares to Anchorage, and investment of Rs 950 crore in Anchorage Infrastructure Investment Holding Ltd by the 2726247 Ontariao Inc, as per an official statement. The 2726247 Ontariao Incorporation is a wholly-owned subsidiary of OAC, which is the administrator of OMERS, one of Canada's greatest defined benefit pension plans. The investment will be a significant boost to the construction and infrastructure sector as well as to the airport sector. It will considerably substantiate the Government of India's aim to build a world-class airport and transport-related infrastructure through private partnerships. Additionally, the statement said that the investment will also be a notable boost to the recently declared National Monetisation Pipeline (NMP). It will assist fund leasing out of state-owned infrastructure assets, which include managing assets like railways, sports stadiums, roads, airports, power transmission lines and gas pipelines to private operators. Anchorage Infrastructure Investment Holding Ltd is proposing to make downstream investment in few of the sectors included under the NMP, it said. The statement added that the investment would also result in direct employment production since the sector in which Anchorage Infrastructure Investment Holding Ltd is planning to make downstream investments are capital- and employment-intensive sectors. Image Source Also read: India received $64 billion in Foreign Direct Investment in 2020: UN