With the Centre’s strong push to infrastructure creation, Chennai-based Taking Off to the Future Pvt Ltd (TOFL) plans to develop private airports, both greenfield and brownfield. To this end, it has formed a SEBI-approved, airport-specific ₹10,000-crore fund.
The Taking Off to the Future Airport Fund is a Category II Alternative Investment Fund (AIF), and supposedly a first of its kind in the airport sector. A sovereign fund has shown interest in investing around 30 per cent in the AIF, Gigi George, Managing Director, TOFL, told BusinessLine.
TOFL will target a deal that will generate an annual gross internal rate of return (IRR) of 20 per cent on investments, he said. Airport development is not new to George, who tried unsuccessfully to create a greenfield project at Aranmula in Kerala. Read More