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US Firm Wants to Invest $700Mln in Burma

19 March 2013

New York-based private equity firm ACO Investment Group announced it wants to invest US $700 million in Burma, Bloomberg reports. Managing Partner Hari Achutan said the firm would aim to invest $200 million in Rangoon International Airport and made a $500-million bid for the two telecommunications licenses that Burma’s government put on offer in January. The firm reportedly also signed an agreement with Mandalay Division’s government last month to develop solar energy farms that could generate 1,000 megawatts of power. ACO Investment Group claims it will invest an astonishing $1.5 billion to $2 billion in the project in Burma’s second largest city over two years.