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This story is from April 17, 2008
Core sector attracts funds
The State Bank of India (SBI) and Australia-based Macquarie Capital Group Ltd (Macquarie) would raise a $2 billion fund to invest in India's infrastructural sector.
NEW DELHI: India has emerged as a major destination to attract investments in the infrastructure sectors.
The State Bank of India (SBI) and Australia-based Macquarie Capital Group Ltd (Macquarie) would raise a $2 billion fund to invest in the country's core sector. In another development, UK based private equity firm 3i Group raised $ 1.2 billion for the India infrastructure fund against its target of $ 1 billion.
A number of other finance companies like Citibank and Blackstone also planned to raise $ 5 billion to invest in the Indian Infrastructure sector.
A Memorandum of Understanding was signed on Wednesday by SBI and Macquarie to manage the proposed fund. The International Finance Corporation (IFC), as one of the fund's cornerstone investors, will also have a stake in the proposed fund management company. Macquarie, SBI and the IFC together plan to contribute a total $450 million to start the fund, which will raise further capital from both domestic and international institutional investors.
The fund is scheduled to launch by the end of the second quarter of 2008. Meanwhile, 3i Group, in a statement said that the fund size of $ 1.2 billion would enable it to finance projects in power, ports and other core sectors with a total value of up to $ 5 billion.
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