(Media Release – 07 September 2010)
B Ramaswamy, President (Business Development, Southern Region) of Feedback Ventures in India and Bernard Goonetilleke, Chairman of Pathfinder Advisory Services, a member of Mercantile Merchant Bank, signed a Memorandum of understating (MoU) providing for Indian investment in infrastructure development in Sri Lanka.
Infrastructure Development Finance Company (IDFC) and Housing Development Finance Company (HDFC), and Larsen and Toubro entered in to a strategic alliance. This tie up will provide momentum to the infrastructure development efforts of the government, a boost for infrastructure development in the post-conflict era.
The MoU signed with Feedback Ventures providing for Indian investment in infrastructure development will pave the way for Indian private sector participation in infrastructure development projects in the country. This would include private/public sector partnerships. This alliance is a manifestation of the increasing interest on the part of Indian companies to pursue investment opportunities in Sri Lanka in the post-conflict era.
This collaboration will give priority to developing projects and offer consultancy in the infrastructure sector in Sri Lanka in strategic and financial advisory, planning and engineering design, project management and operations and maintenance services in the transportation and logistics sector, the energy sector the realty and townships other advisory services including all other aspects relevant to the company’s business range from time to time. Triple I, a joint venture involving Feedback Ventures and IDFC, is an institution which funds project development under PPP models and recovers cost and success fees, posts signing of concession agreements between the government and the private sector partner, selected through a transparent process.
Following discussions, Triple I plans to select several projects, which are viable under their model and allocate funds to develop them, thereby facilitating interested parties from India and elsewhere to bring in much needed investment for development of projects. The MoU provides an ideal background for Indian investment to focus on Sri Lanka in the post-conflict era through the Triple I.
Source : https://www.lankaweb.com/news/items/2010/09/07/mou-between-mmbl-group-and-feedback-ventures-to-attract-infrastructure-investment-from-india-timely-venture-to-attract-indian-infrastructure-development/
