Mumbai: International investment and specialised fund manager Babcock & Brown Ltd has announced the setting up of a team of eight local investment professionals in India.

The team, all former professionals with the investment banking division at ABN AMRO in India, will be located in Mumbai and Delhi and will complement Babcock & Brown's existing activities in India, the company said in a release.

Babcock & Brown hopes to invest $2 billion in Indian property and infrastructure assets within three years.

The fund manager said the move was in keeping with its philosophy of maintaining a local presence in the markets in which it operates. The eight are all Indian nationals operating in the market consistently over the past ten to 15 years, it said

''I would like to welcome the team and look forward to the contribution that their skills, local knowledge and relationships will bring to our business,'' Michael Maxwell, regional head of Asia for Babcock & Brown, said.

The Indian government has identified some $500 billion of infrastructure  investment requirements over the next five years to address the resources shortfall and support the economy's rapid growth.

''We look forward to contributing to the development of India's infrastructure and real estate sectors by leveraging Babcock & Brown's global knowledge and vast  experience,'' said Sangameswaran Manikkan, head of the India team

Babcock & Brown specialises in the creation, syndication and management of asset and cash flow-based investments and operates from 30 offices across Australia, North America, Europe, Asia, the United Arab Emirates and Africa and has over 1,400 employees worldwide. Founded in San Francisco in 1977, the company was listed on the Australian Securities Exchange on 6 October 2004.

Babcock & Brown has four operating divisions; real estate, infrastructure and project finance, operating leasing and structured & corporate finance.