SBI, State General Reserve Fund of Oman form $100- million investment JV
14 July 2010
State Bank of India (SBI) and the State General Reserve Fund of Oman will jointly set up a $100 million India Oman Joint Investment Fund, which will look for equity investment opportunities in the two countries.
OP Bhatt, chairman of SBI and Warith Al-Kharusi, CEO of State General Reserve Fund (SGRF), Sultanate of Oman, signed the joint venture agreement in New Delhi today.
The fund will start with a corpus of $100 million, to be contributed equally by SBI and State General Reserve Fund of Oman (SGRF). The fund may be expanded to have a corpus of up to $1.5 billion through future schemes, depending upon the experience of the initial fund.
The joint venture will have equal management participation and SBI and SGRF will share profit equally.
The India Oman Joint Investment Fund will aim at making equity investments in the various sectors of the Indian economy, without limiting itself to any particular sector or sectors.
For the present, however, the fund will limit itself to Indian investment opportunities.