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Belgium, India ink pact for infra projects

Friday, 29 Nov 2013

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Belgium sovereign wealth fund Federal Holding Company has inked a pact with India's Infrastructure Leasing & Financial Services (IL&FS), to create a fund that will invest in infra projects in the country.

However, both the companies have declined to disclose the corpus of the proposed fund, or when it will be operational.

Through the agreement, Belgium intends to work together with India to develop infrastructure in the country, to establish some new firms in different fields.

The Federal Holding Company holds the stakes of the Belgian government in a host of firms across sectors and borders including the French banking major, BNP Paribas.

Belgium already has such tie-ups with local funds in all the other BRICS countries for a decade.