The Cabinet Committee on Economic Affairs on Wednesday approved the FDI proposal for an investment of up to Rs 15,000 crore in Anchorage Infrastructure Investment Holding Ltd, an India investment holding incorporated specifically for the purpose of investment in infrastructure and the construction-development sectors.

       The FDI will also be used for investments to be made in transport and logistics sectors along with downstream investment in the airport sector and aviation related businesses and services.

       The investment also includes transfer of share of Bangalore International airport Limited to Anchorage, and investment of Rs 950 crore in Anchorage Infrastructure Investment Holding Ltd by 2726247 Ontariao Inc, a wholly-owned subsidiary of OAC which is the administrator of OMERS', one of Canada's largest defined benefit pension plans.

       The investment will be a major boost to the infrastructure and construction sector and also to the Airport sector. The investment will substantiate government of India's plan to develop world class Airport and transport related infrastructure though private partnership. It will also be a boost to the recently announced National Monetisation Pipeline (NMP), as it will help fund leasing out of state-owned infrastructure assets which involves handling assets like roads, railways, airports, sports stadiums, power transmission lines and gas pipelines to private operators.

       Anchorage Infrastructure Investment Holding Ltd is proposing to make downstream investment in some of the sector covered under the NMP.

       The investment will also lead to direct employment generation as the sector in which Anchorage Infrastructure Investment Holding Ltd is proposing to make downstream investments is capital and employment intensive sector, a government statement said. The investment will also generate indirect employment during construction and ancillary activities, it added.

       --IANS

       sn/skp/

       (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)