Dundalk-based Cathedral Financial Consultants has formed a 50-50 joint venture with an Indian businessman, Anil Nanda, that expects to have invested most of its currently available 33m funding in the next four to six months.

John McEneaney, managing partner with Cathedral Financial, said last week that a total of $40m would be invested and that the initial targets would be greenfield sites. He said the company will review its involvement after 12 months, but it's likely that more investment will follow.

Cathedral Financial was teamed up with Nanda via the Irish India Trading Company, headed by Maurice McCarron and Ratan Kapoor. The latter has been attempting to create partnerships between European and Indian investors.