India-Singapore fund gets $100 mn

Thursday, 28 August 2003, 07:00 Hrs
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CHENNAI: An instalment of $100 million has been placed by two Singapore-based firms into the Merlion Fund, an India-Singapore fund that will primarily back infrastructure projects in India.

This was the first investment for the fund that will have a corpus of $1 billion. It will gather money for projects under the India-Singapore Comprehensive Cooperation Agreement, which is scheduled to come into effect next year.

Announcing the investment, Singapore High Commissioner See Chak Mun told reporters here Wednesday that two Singapore-based investors, Standard Chartered and Tamasek Holding, had placed $100 million in the fund Tuesday.

He was speaking at his first meeting with Indian investors to discuss business proposals and a report on bilateral opportunities by a joint study group set up in 2002.

Source: IANS
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