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NT Bureau
Chennai, Feb 3:

        IL&FS Investment Managers Limited jointly with Abu Dhabi Investment Company promoted by Government of Abu Dhabi, plan to set up $ one billion private equity fund to invest in infrastructure assets in the Middle East region. Abu Dhabi Investment Company and IL&FS are likely to commit around $50 million to the proposed new fund.

        An agreement in this regard was signed between Shahzaad Dalal, vice chairman and managing director, IL&FS and Jasem Saeed Al-Zaabi, chief executive officer, Abu Dhabi Investment Company.

        The investment manager of the fund would be a 50:50 joint venture to be set up by IL&FS Investment Managers Limited and Abu Dhabi Investment Company to be staffed by both entities.