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Technology Stocks : Satyam Infoway Ltd-(Nasdaq:SIFY) -- Ignore unavailable to you. Want to Upgrade?

To: Mohan Marette who wrote (923)	2/28/2000 11:30:00 AM
From: Mohan Marette	Read Replies (1) \| Respond to of 1471

OT AIG to invest $1 billion in India Venkatachari Jagannathan 26 February 2000 The $42 billion US insurance and financial services major, American International Group Inc. (AIG), will soon launch an IT industry-specific equity investment fund. "The size of the fund, though yet to be decided, will not be less than $100 million, and investments will be used to fund internet and software outfits. And 75 per cent of the fund will be invested in Indian IT companies," discloses Ajay S. Mookerjee, senior executive & vice president, strategic ventures, AIG, New York. "We at AIG expect India to become an economic powerhouse and, on the whole, AIG intends to invest around $1 billion in Indian ventures," he adds. Currently, AIG operates the following investment funds out of Hong Kong: Asia Opportunities Fund I & II (fund size $1.5 billion each and 30 per cent reserved for investments in India); Asia Infrastructure Fund I ($1.5 billion; $ 450 million for India); Asia Infrastructure Fund II ($1.7 billion; 30 per cent for India -- still to be committed) and India Sectoral Equity Fund ($125 million -- all committed). "Our focus is equity investments and not debt instruments. With investments around $250 million in India, we will probably be the third largest equity investor here," Mookerjee remarks. A major part of AIG's investment has been channelled into telcom ventures such as Modi Telcom, BPL, Hutchison Max. The group will also invest in the Tata's proposed basic services in Andhra Pradesh. In addition, AIG has invested in other infrastructure projects such as Delhi Noida Toll bridge and Indraprastha Gas Distribution. Mookerjee to play active role in India (Ajay Mookerjee (40), an alumnus of IIT Kanpur and holding a doctorate and management degrees in finance and information technology, creates and structures strategic ventures for AIG and reports directly to the financial legend, M.R. Greenberg, AIG's Chairman. Earlier with GE Capital, USA, handling similar functions but in consumer financing, Mookerjee joined AIG three years ago. "I have structured several deals for AIG in SE Asia, Europe, USA -- a retail shopper's card for Colesmeyer, an Australian retail store; bank distribution of insurance products in SE Asia and Chile" he says. The last is interesting to note, as it will most probably be replicated in India when AIG, partnering with the Tatas, starts its insurance venture -- life and general.)...... Message 12989420