Cayman Island's Agam to invest Rs 1,170 cr

New Delhi, May 1 (UNI) The government today approved the setting up of the wholly-owned subsidiary of Cayman Islands-based Agam SPV Six Ltd with a foreign direct investment of up to Rs 1,170 crore.

''The Cabinet Committee on Economic Affairs has given its approval to the company to undertake the activity of setting up new airports and upgrading the existing ones either directly or through its subsidiary, Finance Minister P Chidambaram said.

The approval is subject to compliance with the sectoral regulations of the Ministry of Civil Aviation and the special purpose vehicle (SPV) has to make full disclosures of its source of funds and undertake to adhere fully to know your customer (KYC) norms.

UNI SN SR BST2024