State Bank of India agreement with Oman's State General Reserve Fund

New Delhi, July 14 (ANI): The State Bank of India and the State General Reserve Fund of Oman signed a joint venture agreement to form a joint investment fund, here today.

The agreement was signed by O.P. Bhatt, Chairman, SBI and Warith Al-Kharusi, CEO, SGRF, Sultanate of Oman in the presence of Finance Minister, Pranab Mukherjee and Ahmed Macki, Minister of National Economy, Government of Oman.

Speaking on the occasion, Mukherjee said that signing of joint venture agreement for the fund is part of the overall cooperation in various areas between India and Oman.

"This joint venture agreement will open a new chapter in the multi-dimensional relations between the two countries," he added.

The India Oman joint investment fund shall aim at making equity investments in various sectors of Indian economy.

The fund will start with a corpus of US 100 million dollars to be contributed equally by State General Reserve Fund of Oman (SGRF) and SBI.

The fund will explore opportunity in all sectors without any specific preference. The fund would, for the present, limit itself to Indian investment opportunities.

There is no specific sector focus and the fund will look for opportunities in all sectors of India permitted by regulations from time to time.

The fund can be expanded to have a corpus of upto US 1.5 billion dollars through future schemes, depending upon the experience of the initial fund. (ANI)