Foreign Corporate for Greenfield airports
The Government of India, in pursuance of the policy of allowing upto 100 per cent foreign direct investment for the establishment of greenfield airports in the country, permitted a foreign company, Agam SPV Six Ltd, registered in the Cayman Islands, to set up a wholly-owned subsidiary with FDI of upto $300 million (about Rs 1,170 crore) for the establishment of new airports and upgrading existing airports in the country.
The civil aviation ministry stated that since the company also proposes to upgrade existing airports in the country, approval has been taken from the Foreign Investment Promotion Board for FDI beyond 74 per cent. According to the government, Agam SPV Six Ltd has an authorised share capital of $50,000 and was incorporated in February last year under the company law of the Cayman Islands. The company will be managed by the Atlas Capital Group.